sl ov en ia n ec on om ic m ir ro r N o. 5 , V ol . X XI V, 2 01 8 Slovenian Economic Mirror No. 5 / Vol. XXIV / 2018 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Boštjan Vasle, MSc, Acting Director Editor in Chief: Matevž Hribernik, MSc Authors of Current Economic Trends (listed alphabetically): Lejla Fajić; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršič; Tanja Kosi Antolič, PhD; Janez Kušar, MSc; Jože Markič, PhD; Tina Nenadič, MSc; Mitja Perko, MSc; Jure Povšnar; Denis Rogan; Dragica Šuc, MSc; Ana Vidrih, Msc Editorial Board: Marijana Bednaš, MSc, Lejla Fajić, Alenka Kajzer, PhD, Rotija Kmet Zupančič, MSc, Janez Kušar, MSc, Boštjan Vasle, MSc Translator: Marija Kavčič Data Preparation, Graphs, DTP: Bibijana Cirman Naglič Print: Eurograf d.o.o. Circulation: 80 copies ISSN 1318-3826 (print) ISSN 1581-1026 (pdf )) © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight ............................................................................................................................................................................................................. 3 Current economic trends ......................................................................................................................................................................................... 5 International environment ................................................................................................................................................................................. 7 Economic developments in Slovenia ............................................................................................................................................................. 8 Labour market ...................................................................................................................................................................................................... 12 Prices ........................................................................................................................................................................................................................ 14 Balance of payments .......................................................................................................................................................................................... 16 Financial markets ................................................................................................................................................................................................. 17 Public finance ........................................................................................................................................................................................................ 18 Statistical appendix ................................................................................................................................................................................................ 19 On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. The Economic Mirror is prepared based on statistical data available by 17 July 2018. In the spotlight 3Slovenian Economic Mirror, No. 5/2018 Short-term economic activity and confidence indicators indicate a continuation of euro area GDP growth in the second quarter; uncertainty in the international environment is increasing. After the standstill at the beginning of the year, activity has been slowly rising across most sectors in the last few months. Meanwhile, the values of economic sentiment indicators are declining, which indicates increased uncertainty. Besides oil price rises, the risks to growth mainly reflect uncertainties related to the introduction of tariffs by the world’s largest economies. All of this is reflected in downward revisions of the forecasts for this year’s GDP growth in the euro area and in some other main trading partners. After the interruption early in the year, Slovenia has recorded a continuation of slightly more favourable GDP developments in the last few months. The slowdown of growth in main trading partners and, in turn, the slowdown of foreign demand growth had a significant impact on economic activity and business confidence in the first months of the year. At the beginning of the second quarter, real exports and production volume in manufacturing rose again. More favourable developments than in preceding months were also recorded for construction, retail trade and market services. Boosted by favourable labour market conditions and high consumer confidence, private consumption continues to expand. The deterioration of business confidence seen in the first months of the year came to a halt at the beginning of the second quarter. The labour market situation continues to improve. Following the strong growth in 2017, the number of employed persons has been increasing more moderately in the last few months, not only owing to somewhat slower GDP growth, but also due to a shortage of workers in some segments of the economy. The number of registered unemployed persons continues to decline, yet more slowly than in previous months, which can also be attributed to administrative changes in processing data in the unemployment register. At the end of May, it stood at 74,988, down 11.6% from one year earlier. Year-on-year wage growth is higher this year than last in both the private and public sectors. Inflation rose above 2% in the second quarter. The stronger year-on-year growth of consumer prices was attributable both to higher energy prices as a consequence of oil price rises on world markets and to stronger price growth in some services, particularly package holidays. Under the impact of higher growth in services prices, core inflation has also increased in the last few months, though it remains relatively low (0.9%). Growth in loans to domestic non-banking sectors remains moderate. Growth in household loans, consumer loans in particular, remains high. The volume of corporate loans is shrinking further, with enterprises to a greater extent relying on own and other sources of finance. The quality of banks’ assets is also improving, while non-performing loans continue to decline, particularly in enterprises. In the first five months the general government surplus was higher than in the same period of last year. The improvement in the balance (on a cash basis) was mainly due to favourable economic trends. General government revenue was significantly higher (5.2%) than in the same period of last year: revenues from taxes (with the exception of excise duties) and social contributions and the inflows from the EU were up year on year, while non-tax revenues were down. General government expenditure was 3.8% higher year on year in the first five months, despite stagnation in the first quarter. Its growth was boosted primarily by higher expenditure on goods and services and somewhat stronger growth in expenditure on pensions and the wage bill. In the spotlight In the spotlight4 Slovenian Economic Mirror, No. 5/2018 -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 30 40 50 60 70 80 90 100 110 120 130 140 150 160 Ja n 10 Ju l 1 0 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Se as on al ly a dj us te d in di ca to r v al ue , 3- m on th m ov in g av er ag e Se as on al ly a dj us te d in de x 20 10 =1 00 , 3- m on th s m ov in g av er ag e Source: SURS, calculations by IMAD. Goods exports Industrial pr. in manufact. Construction output Turnover in distributive trades Turnover in services Economic sentiment (right axis) 0.5 1.0 1.5 2.0 2.5 3.0 Ja n 17 Fe b 17 M ar 1 7 A pr 1 7 M ay 1 7 Ju n 17 Ju l 1 7 A ug 1 7 Se p 17 O ct 1 7 N ov 1 7 D ec 1 7 Ja n 18 Fe b 18 M ar 1 8 A pr 1 8 M ay 1 8 Ju n 18 Re al G D P gr ow th in 2 01 8, in % Source: Consensus Forecasts. EMU Germany Italy France Austria Croatia Labour market conditions have remained favourable; business optimism regarding new employment is high, yet lower than at the beginning of the year. Inflation is increasing amid oil price rises on global markets and price growth in some services. -8 -6 -4 -2 0 2 4 6 8 -60 -40 -20 0 20 40 60 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ye ar -o n- ye ar g ro w th , i n % Se as on al ly a dj us te d va lu e of e xp ec ta tio ns ab ou t e m pl oy m en t, 3- m on th m ov in g av er ag e Source: SURS. Industry Construction Trade Services Persons employed (right axis) -2 -1 0 1 2 3 4 -2 -1 0 1 2 3 4 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Ye ar -o n- ye ar g ro w th , i n % Co nt rib ut io n to y ea r- on -y ea r g ro w th , i n pp s Source: SURS. Food Fuels and energy Services Other TOTAL (right axis) -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 12 -m on th m ov in g su m s, in E U R m ill io n Source: BoS, calculations by IMAD. Households Government Enterprises and NFIs Total -2,000 -1,500 -1,000 -500 0 500 1,000 2011 2012 2013 2014 2015 2016 2017 I-V 2017 I-V 2018 EU R m ill io n General government balance Primary balance Source: MF, Bulletin of Government Finance; calculations by IMAD. Growth in loans to domestic non-banking sectors is modest. The general government surplus on a cash basis was higher year on year in the first five months. Amid increased uncertainty in the international environment, GDP forecasts for our main trading partners in the EU are being revised downwards. After the interruption early in the year, more favourable GDP developments have continued in the last few months. cu rr en t e co no m ic tr en ds Current Economic Trends 7Slovenian Economic Mirror, No. 5/2018 80 90 100 110 120 80 90 100 110 120 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Lo ng -t er m a ve ra ge =1 00 , 3 -m on th m ov in g av er ag e Se as on al ly a dj us te d in de x 20 10 =1 00 , 3- m on th m ov in g av er ag e Source: Eurostat; calculations by IMAD. Industrial production in manufacturing Construction output Turnover in retail trade ESI (right axis) 80 85 90 95 100 105 110 115 120 125 130 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Se as on al ly a dj us te d in de x 20 10 =1 00 , 3- m on th m ov in g av er ag e World trade World industrial production Euro area exports Euro area imports Source: CPB; calculations by Figure 1: Short-term indicators of economic activity in the euro area Figure 2: World trade and industrial production Short-term indicators of economic activity in the euro area indicate a continuation of similar quarterly growth in the second quarter. Economic growth was supported particularly by construction and retail trade. After dropping in the first four months, manufacturing output expanded in May, particularly in Germany. The values of economic sentiment indicators (ESI, PMI, Ifo) continue to decline, but are still high. In the last few months confidence has declined particularly in industry, trade and services, while it improved in construction. This year’s moderation is also reflected in GDP forecasts for Slovenia’s main trading partners, which are lower than in the spring (EC, ECB, IMF, Consensus).1 In the first quarter the global economy lost the momentum from the previous year; uncertainty in the international environment increased. In the first quarter of 2018, GDP growth slowed in advanced economies in particular (the US and the euro area); in Japan it even declined. It remained high in China, at 6.8% year on year. The volume of world trade, particularly euro area trade, was also down, reflecting increased uncertainty in the international environment. The tariffs imposed have thus far affected only a small percentage of world trade, but a further implementation and tightening of protectionist measures could have serious consequences. This is the key risk to global economic activity, in addition to rising oil prices. 1 In its interim summer forecast the EC, similar to the ECB, lowered its forecast for euro area growth for this year by 0.3 pps to 2.1%. International environment Table 1: Brent crude prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2017 V 18 VI 18 VI 18/V 18 VI 18/VI 17 I-V 18/I-VI 17 Brent USD, per barrel 54.25 76.87 74.40 -3.2 60.5 36.7 Brent EUR, per barrel 48.06 65.00 63.71 -2.0 54.3 22.2 EUR/USD 1.297 1.181 1.168 -1.1 4.0 11.9 3-month EURIBOR, in % -0.329 -0.325 -0.322 0.3 0.9 0.2 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. Current Economic Trends8 Slovenian Economic Mirror, No. 5/2018 30 40 50 60 70 80 90 100 110 120 130 140 150 160 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18S ea so na lly a dj us te d in de x 20 10 =1 00 , 3- m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Merchandise exports Industrial production in manufacturing Value of construction output Turnover in trade Turnover in services Figure 3: Short-term indicators of economic activity in Slovenia After the interruption early in the year, slightly more favourable developments in economic activity have continued in recent months. The slowdown of growth in main trading partners and, in turn, of growth in foreign demand has significantly affected economic activity and business confidence in the first months of the year. At the beginning of the second quarter, real exports and production volume in manufacturing rose again. More favourable developments than in preceding months were also recorded for construction, retail trade and market services. Private consumption continues to expand, boosted by favourable labour market conditions and high consumer confidence. The deterioration in business confidence came to a halt at the beginning of the second quarter. Positive developments are also reflected in increased general government revenue. 80 85 90 95 100 105 110 115 120 125 130 135 140 145 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Se as on al ly a dj us te d in de x 20 08 =1 00 , 3 -m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Exports Imports Figure 4: Trade in goods – real After the interruption of growth at the beginning of the year, real exports and imports of goods rose at the beginning of the second quarter.2 In the first five months exports were up 8.7% year on year. Their growth was mainly underpinned by more technologically intensive industries, particularly vehicle exports, which represent 17.9% of Slovenian exports.3 We estimate that in the coming months vehicles exports will start falling due to the base effect. The growth of imports was 9.8% during this period. It mainly arose from higher imports of intermediate goods. The contribution of imports of investment goods has also been rising this year. Table 2: Selected monthly indicators of economic activity in Slovenia in % 2017 V 18/IV 18 V 18/V 17 I-V 18/I-V 17 Merchandise exports, real1 9.8 1.43 7.7 8.7 Merchandise imports, real1 11.8 2.83 8.1 9.8 Services exports, nominal2 11.5 -4.43 8.2 8.8 Services imports, nominal2 8.2 -7.83 2.1 10.4 Industrial production, real 7.9 0.73 5.94 7.44 - manufacturing 8.6 0.93 6.54 8.04 Construction -value of construction put in place, real 17.7 3.43 30.3 20.0 2017 IV 18/III 18 IV 18/IV 17 I-IV 18/I-IV 17 Distributive trades 8.6 0.73 6.14 5.24 Market services (without trade) - real turnover 5.9 1.53 6.94 5.74 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data. 2 The estimate of real merchandise exports was made on the basis of nominal exports according to the external trade statistics and industrial producer prices on the foreign market, while real imports were estimated based on nominal imports according to the external trade statistics and the index of import prices. 3 Estimated on the basis of data available for the first four months of 2018. These are exports of SITC section 78 (road vehicles). In the first four months the share of this section’s exports rose by 4.0 pps year on year. Economic developments in Slovenia Current Economic Trends 9Slovenian Economic Mirror, No. 5/2018 250 300 350 400 450 500 550 600 650 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 In E U R m , s ea so na lly a dj us te d, 3 -m on th m ov in g av er ag e Source: BoS; calculations by IMAD. Exports of services Imports of services -15 -10 -5 0 5 10 15 20 25 30 Te xt ile in d. Fu rn itu re a nd o th er in d. W oo d pr oc es si ng in d. Fo od -p ro ce ss in g in d. M an uf ac tu re o f p ap er , pr in tin g Le at he r i nd us tr y Re pa ir an d in st al la tio n M an uf . o f r ub be r a nd pl as tic p ro d. M et al in du st ry M an uf . o f n on -m et al lic m in er al p ro d. M an uf ac tu re o f t ra ns po rt eq ui pm en t M an uf . o f o th er m ac hi ne ry an d eq ui pm . M an uf . o f I CT a nd e l. eq ui pm . Ch em ic al in du st ry Low-technology industries Medium-low- technology industries Medium-high- and high-technology industries Ye ar -o n- ye ar g ro w th , i n % Jan-May 2017 Jan-May 2018 Source: SURS; calculations by IMAD. Note: * data for the pharmaceutical industry are confidential. Figure 5: Trade in services – nominal Figure 6: Production volume in manufacturing by sector The growth of exports and imports of services remained high at the beginning of the second quarter. In the first five months of the year, nominal exports were up 8.8% year on year, mainly on account of higher exports of transport and technical, trade-related business services. Imports increased 10.4% during this period. Technical, trade-related business services also made a significant contribution to imports, alongside other activities such as professional and management consultancy services, maintenance and repair and, in the last two months, advertising and public opinion polling. After falling at the beginning of the year, the volume of manufacturing production is again rising. Its growth is lower than in the previous two years mainly owing to slower growth in foreign demand. Owing to their integration in global value chains, low growth is recorded particularly by medium-technology industries, which mainly produce intermediate goods. These industries mostly saw lower year-on-year growth rates in the first five months than in the same period of last year. On the other hand, similar or higher year-on-year growth than last year was reported by most low-technology industries, which mainly produce consumer goods, and industries making investment goods (in particular the manufacture of transport equipment, machinery and equipment and repair and installation of machinery and equipment). 0 20 40 60 80 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Ju l 1 8 Se as on al ly a dj us te d in de x 20 08 =1 00 , 3- m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Total Residential buildings Non-residential buildings Civil-engineering works Figure 7: Value of completed construction works Activity in construction has increased in the last few months, after adverse weather conditions at the beginning of the year. Construction activity, which has been gradually strengthening in the last two years, was interrupted temporarily at the beginning of this year due to unfavourable weather conditions. In April and May it continued to grow. The strengthening in the construction of buildings in recent months mainly reflects greater optimism in the private sector, while the higher value of civil-engineering works arises primarily from increased government investment. Higher activity and greater optimism are also reflected in higher prices in construction: in May they were up more than 4% year on year for the first time since 2008.4 4 Measured by the implicit deflator of the value of completed construction works. Current Economic Trends10 Slovenian Economic Mirror, No. 5/2018 60 65 70 75 80 85 90 95 100 105 20 40 60 80 100 120 140 160 180 200 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 In de x 20 08 =1 00 , 4 -q ua rt er m ov in g av er ag e In de x 20 08 =1 00 , 4 -q ua rt er m ov in g av er ag e Source: SURS; calculations by IMAD. Transactions in existing residential properties (left axis) Transactions in new residential properties (left axis) Prices of existing residential properties (right axis) Prices of new residential properties (right axis) 60 80 100 120 140 160 180 200 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 In m ill io n tk m , o rig . i nd ex 2 00 8= 10 0, 4- qu ar te r m ov in g av er ag e Source: SURS; calculations by IMAD. Road Railway Road - abroad Road - national Road - exports and imports Figure 8: Prices and transactions in new and existing residential properties Figure 10: Road and railway freight transport Average residential property prices rose further at the beginning of the year. Vigorous trading with existing residential properties continued. They represented 96% of all transactions in the first quarter. Their average price, which has been rising since the beginning of 2016, was more than one tenth higher year on year and a solid fifth higher than the lowest average price in 2014. The prices of existing flats in Ljubljana again rose the most year on year.5 The prices of newly built residential properties also rose strongly (by one quarter year on year). Owing to the limited supply, the number of transactions in these properties (91) was the lowest since measurements began.6 Land freight transport declined in the first quarter of 2018. In the second half of last year the volume of freight transport by rail8 started to decrease, thus contributing to a slowdown of growth in land transport at the end of last year. The decline in land transport in the first quarter of this year was mainly due to the lower road transport performed by domestic hauliers, where cross- trade transport9 also dropped under the impact of less favourable foreign demand. 80 90 100 110 120 130 140 150 160 170 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18Se as on al ly a dj us te d in de x 20 10 =1 00 , 3- m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Note: * including accommodation and food service activities and real estate. Total * Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) Figure 9: Real turnover in market services Real7 turnover in market services rose slightly at the beginning of the second quarter. After last year’s strong growth, turnover in professional and technical and administrative and support service activities remained at the level seen at the end of last year, while turnover in transportation and warehousing declined. Further growth was recorded for information and communication activities, with exports of computer services rising in particular. 5 The prices of existing flats in Ljubljana were 15.9% higher year on year and 38.9% higher than their 2014 lows. 6 Since 2007. 7 On 31 May 2018 SURS also started to publish data on real turnover in service activities and trade. 8 This had previously been strongly rising: in 2017 as a whole it increased by almost 18% year on year (in the first quarter of 2018 it was already almost 3% lower year on year, according to SURS). 9 Cross-trade transport recorded double-digit year-on-year growth in all quarters of 2017; in the first quarter of 2018, it was again lower year on year (by 2% according to SURS ). Current Economic Trends 11Slovenian Economic Mirror, No. 5/2018 50 60 70 80 90 100 110 120 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Se as on al ly a dj us te d in de x 20 10 =1 00 , 3- m on th m ov in g av er ag e Real turnover in the sale of non-food products Sale of passenger cars to natural persons Real net wage bill Real turnover in accommodation and food service activities Source: Ministry of Infrastructure, SURS; calculations by IMAD. Figure 11: Selected indicators of household consumption Reflecting favourable labour market conditions and high consumer confidence, household consumption continues to increase. Amid rising wages and employment, the net wage bill increased further in April; social transfers were also higher year on year. Higher income was reflected in a further strengthening of household spending on some durable goods, particularly passenger cars, furniture and household appliances.10 Spending on some semi-durable goods and services related to leisure activities at home and abroad also remained high. 10 Turnover in stores selling furniture and household appliances was up 4.1% year on year in real terms in the first four months; sales of passenger cars to individuals were up 5.0% year on year in the first six months. -60 -50 -40 -30 -20 -10 0 10 20 30 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18Se as on al ly a dj us te d in di ca to r v al ue , 3 -m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Economic sentiment Manufacturing Retail trade Service activities Construction Consumers Figure 12: Business trends The decline in economic sentiment from the beginning of this year came to a halt. Confidence dropped somewhat only in manufacturing, but remains above the long-term average, as in other sectors. Consumer confidence also remains high. Current Economic Trends12 Slovenian Economic Mirror, No. 5/2018 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 G ro w th in th e nu m be r o f e m pl oy ed , 3- m on th a ve ra ge Source: SURS; calculations by IMAD. Manufacturing (C) Construction (F) Market services (G-N) Public services (O-Q) -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 Q 1 05 Q 1 06 Q 1 07 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 In di ca to r v al ue w ith re ga rd to th e lo ng -t er m a ve ra ge Source: Eurostat. Labour shortage in industry Labour shortage in services Labour shortage in construction Figure 13: Growth in the number of persons in employment by activity Figure 14: The share of enterprises citing labour shortage as a limiting factor to production or business operations Following last year’s strong growth, the number of persons employed has seen more moderate growth in the last few months. The slowdown has been a consequence of somewhat slower growth in economic activity, but also of labour shortages in some segments of the economy. In the first five months of this year, the number of persons employed, which has otherwise already reached its 2008 levels, was up year on year in all private sector activities, the most in manufacturing, construction, accommodation and food service activities and transportation. In public services, the increase in the number of persons employed arises particularly from the education and health sectors. The share of enterprises reporting a shortage of workers has risen substantially in the last year, to levels similar to those before the crisis. The inability to fill vacancies is also indicated by the labour shortage rate, which rose further in the first quarter of the year. More than 19,000 vacancies were recorded in the first quarter of the year, one third more than in the same period of last year. The number of persons employed also increased due to the hiring of foreign workers. These accounted for around 40% of the year on year increase in the total number of the employed. 40 60 80 100 120 140 160 180 200 220 240 260 640 660 680 700 720 740 760 780 800 820 840 860 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 N um be r o f r eg is te re d un em pl oy ed , i n '0 00 , se as on al ly a dj us te d N um be r o f e m pl oy ed a cc or di ng to S RE , i n ‘0 00 , s ea so na lly a dj us te d Source: SURS, ESS; calculations by IMAD. Employed according to SRE (left axis) Registered unemployed (right axis) Figure 15: Employed according to SRE and registered unemployed The decline in the number of registered unemployed slowed in the second quarter. The main reason was a smaller outflow into employment and a slightly larger inflow into unemployment owing to the expiries of fixed- term employment contracts. The total inflow in the first half of the year remained lower year on year. There were also fewer first-job seekers, partly on account of smaller generations of young people finishing school. The outflow into employment was also slightly smaller than last year. At the end of June, a total of 74,988 persons were registered as unemployed, 11.6 % less than one year earlier. The labour market Current Economic Trends 13Slovenian Economic Mirror, No. 5/2018 Figure 16: Average gross earnings per employee -5.0 -2.5 0.0 2.5 5.0 7.5 10.0 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Ye ar -o n- ye ar g ro w h, 3 -m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Total Private sector General government Public corporations In the first five months both the private and public sectors recorded higher year-on-year wage growth than in the same period of last year. Amid growing difficulties in finding workers with the right skills, the stronger wage growth in the private sector mainly reflected good business results and the shortage of labour. Wages were up year on year particularly in construction, manufacturing and certain market services. In the public sector, wage growth arises from the implementation of agreements with trade unions and the regular promotions at the end of last year. Table 3: Indicators of labour market trends change, in % 2017 V 18/IV 18 V 18/V 17 I-V 18/I-V 17 Persons in formal employment2 3.5 0.21 3.0 3.5 Registered unemployed -14.1 -0.41 -12.5 -14.4 Average nominal gross wage 2.7 0.01 3.1 3.7 private sector 2.9 -0.21 3.7 4.4 public sector 2.9 0.01 2.7 3.3 of which general government 2.9 0.11 2.6 2.8 of which public corporations 2.9 -0.51 3.0 4.7 2017 V 17 IV 18 V 18 Rate of registered unemployment (in %). seasonally adjusted 9.5 9.61 8.4 8.4 Sources: ESS. SURS; calculations by IMAD. Notes: 1 seasonally adjusted. 2 Persons in paid employment. self-employed persons and farmers (SRDAP). Figure 17: Contributions to real unit labour cost growth, Slovenia -10 -8 -6 -4 -2 0 2 4 6 8 10 Q 1 05 Q 1 06 Q 1 07 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Ye ar -o n- ye ar c ha ng e, in % Source: Eurostat; calculations by IMAD. Note: *A negative value means productivity growth. Contribution of productivity* Compensation of employees per employee Real unit labour costs Unit labour costs stopped declining in the first quarter of the year. Year-on-year, they were otherwise still slightly lower (by 0.1%), but mainly as a consequence of favourable movements in previous quarters. In both the tradable and non-tradable sectors the growth of productivity slowed relative to 2017 (from 4.2% to 3.7% on average) and the growth of employee compensation rose (from 2.8% to 3.6%). At the level of the whole economy, unit labour cost movements in the first quarter were comparable with the euro area average. Current Economic Trends14 Slovenian Economic Mirror, No. 5/2018 Prices Year-on-year consumer price growth strengthened in the second quarter. The contribution of fuels and energy increased significantly. The contribution of service prices was also larger. Service prices were up primarily owing to higher prices of package holidays, which had been rising strongly in April and May. The higher growth of services prices has contributed to somewhat higher core inflation in recent months, though this remains relatively low, mostly on account of a further decline in prices of semi- durable and durable goods. The contribution of food to inflation was similar to that in previous months (0.6 pps). Figure 18: Movements of inflation and core inflation measures in Slovenia -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Ye ar -o n- ye ar g ro w th (i n % ) Source: SURS. Inflation Core inflation (excluding food, fuels and energy) The growth of industrial producer prices remains stable; import prices rose in the second quarter. The main reason was oil price rises on international markets and the depreciation of the euro, which, in our estimation, contributed to the slightly higher growth of non-energy commodity prices. Year-on-year growth in Slovenian industrial producer prices remains at around 2%. For the first time since January, price growth was slightly higher on foreign markets than at home, this attributable to stronger price growth in investment goods and non- durable consumer goods on foreign markets. Price rises on the domestic market slowed somewhat again amid lower growth in consumer good prices. Figure 19: Year-on-year growth in import prices and domestic industrial producer prices -4 -2 0 2 4 6 8 10 12 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Ye ar -o n- ye ar g ro w th (i n % ) Source: SURS. PPI (domestic) PPI (foreign) Import prices The appreciation of the euro contributed to a slight deterioration in cost competitiveness in the first quarter, but in the second quarter the euro depreciated again. The movement of unit labour costs in the first quarter of this year was similar to that in main trading partners. The deterioration in cost competitiveness was thus solely the result of the strengthening of the nominal effective exchange rate. In the second quarter the nominal effective exchange rate declined.11 The real effective exchange rate (price competitiveness) thus dropped as well, despite higher price growth in Slovenia (measured by inflation). The values of both competitiveness indicators (price and cost competitiveness) are hovering below the long-term average. Figure 20: Price and cost competitiveness 90 92 94 96 98 100 102 104 106 108 110 Q 1 07 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Lo ng -t er m a ve ra ge fr om E RM II en tr y un til th e la st d at a= 10 0 Source: ECB; calculations by IMAD. Note: *Growth in the REER HICP, the REER ULC (the NEER, deflated by the rel. HICP or ULC respectively) denotes deterioration in (price or cost) competitiveness and vice versa. Cost competitiveness (REER, defl. rel. unit labour costs – ULC) Price competitiveness (REER, defl. rel. inflation – HICP) Nominal effective exchange rate (NEER) 11 The main reason for the decline in the nominal effective exchange rate in the second quarter of this year was the depreciation of the euro against the British pound and individual Asian currencies (the Chinese yuan, the South Korean won and the Japanese yen). Current Economic Trends 15Slovenian Economic Mirror, No. 5/2018 Table 4: Consumer price growth, in % 2017 VI 18/V 18 VI 18/VI 17 I-VI 18/I-VI 17 Total 1.7 0.0 2.1 1.6 Food 3.1 -1.3 3.6 3.4 Fuels and energy 5.3 0.9 7.2 4.4 Services 1.3 0.9 2.5 1.9 Other1 0.4 -0.5 -0.4 -0.2 Total excluding food and energy 0.9 0.1 0.9 0.7 Administered prices2 1.6 0.0 2.1 1.5 Tax impact – contribution in percentage points 0.2 -0.1 0.0 -0.1 Source: SURS, Ministry of Economic Development and Technology; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 An approach that excludes the share of extreme price changes in each month. Current Economic Trends16 Slovenian Economic Mirror, No. 5/2018 The surplus of the current account of the balance of payments has been rising in the last few months, reaching the highest levels thus far. The 12-month cumulative sum for the period ending May 2018 amounted to EUR 3.2 billion or 7.0% of GDP. The higher surplus year-on-year was largely due to the higher surplus in international trade in goods and services. The deficit in primary income was down primarily owing to lower net payments of interest on external debt and lower net outflows of dividends and profits abroad; the deficit in secondary income was lower because of higher net positive transfers of the government sector (receipts from the EU budget). Payments of taxes and contributions on income of Slovenian residents working abroad are rising. Figure 21: Components of the current account of the balance of payments -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 12 -m on th m ov in g su m s, in E U R m Source: BoS; calculations by IMAD. Goods trade Trade in services Primary income Secondary income Current account Table 5: Balance of payments I-V 2018, EUR m Inflows Outflows Balance Balance, I-V 17 Current account 16,775.5 15,473.0 1,302.6 1,138.3 Goods 12,704.5 12,086.9 617.6 582.8 Services 2,947.4 1,824.5 1,122.9 1,056.5 Primary income 789.3 1,076.0 -286.7 -360.6 Secondary income 334.4 485.7 -151.2 -140.4 Capital account 413.9 468.9 -55.0 -174.9 Financial account -330.6 964.6 1,295.2 807.7 Direct investment 347.0 170.6 -176.4 -132.9 Portfolio investment 13.1 267.3 254.2 -267.7 Other investment -666.3 561.6 1,227.9 1,311.9 Net errors and omissions 47.6 0.0 47.6 -155.7 Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts. the term »inflows” means total receipts and the term “outflows” means total expenditures; “balance” is the difference between inflows and outflows. On the financial account. “outflows” mean assets. while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows. the increase is recorded with a plus sign and the decrease with a minus sign. The net outflow of financial assets abroad continues. External financial transactions recorded a net outflow of EUR 2.0 billion in the 12 months to the end of May, which was mainly a consequence of portfolio investment. Banks, insurance companies and the BoS increased their assets abroad, while the government repaid a portion of its liabilities to foreign portfolio investors.12 A net inflow was recorded for other investment, with the government and the BoS withdrawing deposits from their accounts abroad, and for inward FDI (an inflow of equity capital). Figure 22: Financial transactions of the balance of payments -10,000 -8,000 -6,000 -4,000 -2,000 0 2,000 4,000 6,000 8,000 10,000 12,000 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 12 -m on th m ov in g su m s, in E U R m Source: BoS; calculations by IMAD. Direct investment Portfolio investment Financial derivatives Other investment Financial transactions 12 Repayment of a USD bond. Balance of payments Current Economic Trends 17Slovenian Economic Mirror, No. 5/2018 Figure 23: Year-on-year growth in household loans, Slovenia and EMU Growth in loans to domestic non-banking sectors13 remains moderate. The year-on-year growth of household loans remains at around 6%; within that, consumer loans14 are rising approximately twice as fast and account for around 45% of all new loans granted to households in the last twelve-year period. Like in Slovenia, these loans are also rising the fastest in the euro area. We estimate that in addition to the low indebtedness of Slovenian households and their high spending, the relatively rapid growth in consumer loans is due to the increased supply of these loans and looser non-financial borrowing conditions than for housing loans. -15 -10 -5 0 5 10 15 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Ye ar -o n- ye ar g ro w th (i n % ) Source: BoS, ECB; calculations by IMAD. Consumer loans SLO Total SLO Consumer loans EMU Total EMU 13 The analysis is based on statistical data, which differ from accounting data particularly in that they also include revisions. The differences are particularly significant in loans extended to non-financial corporations (both domestic and foreign). Annual data relate to loan volume at the end of the year. 14 In 2007 consumer loans recorded almost 20% growth. New lending to non-financial corporations continue to decline gradually. Year-on-year, it totals only EUR 5.1 billion, approximately 15% less than one year earlier. The total volume of corporate loans is shrinking further. Amid favourable business results, enterprises are thus to a greater extent relying on own resources. The importance of other sources of finance (equity capital, other liabilities, crowdfunding platforms) is also steadily rising. The quality of banks’ assets continues to improve, the share of arrears of more than 90 days having fallen to 2.4% by the end of May. The fastest decline is still recorded for arrears of more than 90 days in domestic enterprises. Figure 24: Share and volume of non-performing loans in the Slovenian banking system 0 2 4 6 8 10 12 14 16 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2011 2012 2013 2014 2015 2016 2017 May 2018 In % In EU R m Source: BoS; calculations by IMAD. Households Enterprises Non-residents Other Share of arrears (right axis) Table 6: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. V 17 31. XII 17 31.V 18 31. V 18/30. IV 18 31. V 18/31. V 17 Loans total 21,472.2 22,213.3 22,223.9 0.2 3.5 Enterprises and NFI 10,234.7 10,481.9 10,352.4 -0.5 1.1 Government 1,824.3 1,996.0 1,875.8 -0.3 2.8 Households 9,413.3 9,735.4 9,995.8 0.9 6.2 Consumer credits 2,278.0 2,410.5 2,539.1 1.5 11.5 Lending for house purchase 5,842.2 5,975.7 6,072.6 0.7 3.9 Other lending 1,293.1 1,349.3 1,384.1 0.7 7.0 Bank deposits total 17,269.1 17,897.0 18,336.2 0.5 6.2 Overnight deposits 11,802.5 12,683.9 13,351.7 1.0 13.1 Term deposits 5,466.5 5,213.1 4,984.4 -0.9 -8.8 Government bank deposits, total 901.6 716.4 649.9 5.6 -27.9 Deposits of non-financial corporations, total 5,777.2 6,428.8 6,475.8 1.5 12.1 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Financial markets Current Economic Trends18 Slovenian Economic Mirror, No. 5/2018 Public finance Figure 25: General government balance, revenue and expenditure, cash flow -3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 13,000 13,500 14,000 14,500 15,000 15,500 16,000 16,500 17,000 17,500 18,000 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 12 -m on th s um s, in E U R m 12 -m on th s um s, in E U R m General government balance (right axis) Revenue Expenditure Source: MF, Bulletin of Government Finance; calculations by IMAD. 15 According to the consolidated general government budgetary accounts on a cash basis. 16 Despite the increase, receipts from the EU budget remain much lower than envisaged in the state budget, particularly receipts from the cohesion fund, which have reached only 13.3% of the level planned according to data for the first six months, and receipts from structural funds (15.3% of the level planned). 17 The NLB’s profit, which was already paid into the state budget in this period of 2017, is left undistributed this year, in line with the resolution adopted by the general meeting; the dynamics of other dividends payments into the state budget are also different than last year. 18 April 2018 recorded an extraordinary adjustment of pensions. The higher growth in funds for wages than in the first quarter is attributable to a larger increase in transfers of these funds to public institutions (in the first quarter, these transfers were very low and did not reflect the actual costs of work in public institutions). 19 In the adopted state budget, 56% growth in investment was envisaged for this year; in the Stability Programme 2016, 26% growth at the level of the total general government sector was planned. The general government balance15 was positive in the first five months (EUR 138.4 million). The improvement in the general government balance continued to reflect positive economic trends. In April the balance turned into surplus, which increased further in May. Their impact is particularly pronounced on the revenue side (5.2% year on year), in the form of strong growth in revenue from taxes and social contributions. Receipts from the EU budget, which were very low in this period of last year, are also strengthening year on year, but are nevertheless below expectations.16 In contrast, non-tax revenues are lower year on year, primarily due to lower dividend payments into the budget.17 After stagnating in the first quarter, expenditure was up 3.8% year on year in the first five months, largely as a consequence of stronger growth in expenditure on goods and services and somewhat higher growth in expenditures on pensions and the wage bill.18 Payments into the EU budget were also higher year on year. Investment expenditure also rose notably from its low levels, though investment expenditure related to the absorption of EU funds remains lower than planned.19 Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-V 2017 I-V 2018 Category I-V 2017 I-V 2018 EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % REVENUES TOTAL 6,942.9 8.0 7,303.7 5.2 EXPENDITURE TOTAL 6,903.7 1.7 7,165.3 3.8 Tax revenues1 3,676.4 6.3 3,898.7 6.0 Salaries, wages and other personnel expenditures2 1,583.8 3.5 1,639.7 3.5 Personal income tax 927.6 7.1 1,028.4 10.9 Expenditure on goods and services 931.0 3.3 991.0 6.4 Corporate income tax 345.4 24.7 389.9 12.9 Interest payments 656.8 -1.3 602.8 -8.2 Taxes on immovable property 47.0 65.3 41.4 -12.0 Reserves 44.9 -7.6 59.5 32.3 Value added tax 1,387.9 4.1 1,453.3 4.7 Transfers to individuals and households 2,743.7 2.3 2,825.8 3.0 Excise duties 617.2 2.2 613.8 -0.5 Other current transfers 537.4 -3.3 570.1 6.1 Social security contributions 2,479.9 5.7 2,673.4 7.8 Investment expenditure 241.7 11.3 282.3 16.8 Non-tax revenues 531.3 75.3 394.3 -25.8 Payments to the EU budget 164.3 -13.4 194.2 18.2 Receipts from the EU budget 223.4 -23.4 287.6 28.7 GENERAL GOVERNMENT BALANCE 39.2 138.4 Other 32.0 8.5 49.7 55.4 PRIMARY BALANCE 672.7 732.6 Source: MF, Bulletin of Government Finance; calculations by IMAD. Note: 1 Unlike tax revenues in the consolidated balance of public finance, tax revenues in this table do not include social constributions. 2 Labour costs include social contributions by the employer. st at is ti ca l a pp en di x Statistical Appendix 21Slovenian Economic Mirror, No. 5/2018 Main indicators 2012 2013 2014 2015 2016 2017 2018 2019 2020 Spring forecast 2018 GDP (real growth rates, in %) -2.7 -1.1 3.0 2.3 3.1 5.0 5.1 3.8 3.2 GDP in EUR million (current prices) 36,076 36,239 37,615 38,837 40,418 43,278 46,588 49,611 52,413 GDP per capita, in EUR (current prices) 17,540 17,596 18,244 18,823 19,576 20,951 22,563 24,035 25,405 GDP per capita (PPS)1 21,800 21,900 22,700 23,800 24,100 GDP per capita (PPS EU28=100)1 82 82 82 82 83 Rate of registered unemployment 12.0 13.1 13.1 12.3 11.2 9.5 8.0 7.2 6.7 Standardised rate of unemployment (ILO) 8.9 10.1 9.7 9.0 8.0 6.6 5.3 4.6 4.2 Labour productivity (GDP per employee) -1.8 0.0 2.6 1.0 1.1 2.2 2.7 2.2 2.4 Inflation2, year average 2.6 1.8 0.2 -0.5 -0.1 1.4 1.5 1.9 2.3 Inflation2, end of the year 2.7 0.7 0.2 -0.5 0.5 1.7 1.8 2.1 2.3 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 0.6 3.1 5.7 5.0 6.4 10.6 9.2 7.5 6.8 Exports of goods 0.4 3.3 6.3 5.3 6.2 10.9 9.7 7.9 7.2 Exports of services 1.5 1.9 3.4 3.7 7.6 9.2 7.2 5.8 5.0 Imports of goods and services (real growth rates, in %) -3.7 2.1 4.1 4.7 6.6 10.1 9.3 8.1 6.9 Imports of goods -4.3 2.9 3.8 5.1 7.0 10.7 9.7 8.7 7.3 Imports of services 0.2 -3.0 6.2 2.3 4.2 6.6 6.7 5.1 4.5 Current account balance3, in EUR million 775 1,594 2,179 1,698 2,108 2,813 3,203 3,385 3,734 As a per cent share relative to GDP 2.1 4.4 5.8 4.4 5.2 6.5 6.9 6.8 7.1 Gross external debt, in EUR million 42,850 41,644 47,287 46,627 44,805 43,460 43,094* As a per cent share relative to GDP 118.8 114.9 125.7 120.1 110.9 100.4 Ratio of USD to EUR 1.286 1.328 1.329 1.110 1.107 1.129 1.234 1.236 1.236 DOMESTIC DEMAND Private consumption (real growth rates, in %) -2.4 -4.1 1.9 2.1 4.2 3.2 3.6 3.0 2.0 As a % of GDP 56.9 55.4 54.4 53.5 53.4 52.8 51.7 51.0 50.3 Government consumption (real growth rates, in %) -2.2 -2.1 -1.2 2.7 2.5 2.3 1.7 1.4 1.1 As a % of GDP 20.2 19.5 18.6 18.6 18.7 18.3 17.8 17.7 17.4 Gross fixed capital formation (real growth rates, in %) -8.8 3.2 1.1 -1.6 -3.6 10.3 10.0 8.5 7.5 As a % of GDP 19.2 19.8 19.4 18.9 17.6 18.5 19.3 20.2 21.0 Sources: SURS, BoS, Eurostat, calculations and forecasts by IMAD (Spring Forecast 2018). Notes: 1 Measured in purchasing power standard; 2 Consumer price index; 3 Balance of payments statistics; * End May 2018. Statistical Appendix22 Slovenian Economic Mirror, No. 5/2018 Production 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 5.6 7.1 7.9 6.2 8.8 6.7 6.6 7.6 5.9 8.0 10.0 7.3 10.2 7.5 2.7 10.5 7.5 3.0 8.0 9.2 6.5 3.2 12.9 1.3 8.3 7.8 7.6 7.8 8.6 13.6 10.0 6.2 11.3 7.4 3.8 9.4 5.4 - B Mining and quarrying 0.3 1.7 2.6 8.4 -7.9 10.1 -1.6 11.4 8.0 3.0 -10.6 -17.2 -6.0 -9.3 -24.6 9.6 50.5 33.3 -15.2 -18.4 7.0 11.6 15.2 7.1 7.8 9.0 38.7 1.2 -16.1 -17.8 -3.0 -8.3 -7.4 -19.1 -23.9 6.0 6.0 - C Manufacturing 6.0 8.2 8.6 7.4 10.2 7.7 7.4 7.8 6.6 8.7 11.1 7.9 11.7 8.5 3.9 12.2 7.8 3.3 9.1 10.4 6.0 3.0 13.9 1.4 9.2 8.9 8.2 8.4 9.5 14.6 11.1 7.2 12.8 8.0 3.8 10.1 6.1 - D Electricity, gas & steam supply1 2.5 -3.4 1.9 -5.0 -4.2 -3.9 -0.4 4.6 -1.1 1.3 2.7 4.6 -3.5 -3.3 -5.0 -4.0 -2.7 -5.1 -1.1 4.8 10.6 1.5 1.8 0.4 -0.3 -3.4 -2.0 3.0 3.0 9.1 1.5 -1.9 -0.9 5.8 8.9 3.0 0.1 - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -8.2 -17.7 17.7 -31.3 -21.4 -12.6 -9.2 19.8 17.3 8.3 26.0 18.7 -19.4 -17.9 -15.7 -14.9 -7.4 -15.0 -15.2 9.3 -9.3 20.9 41.4 26.8 4.7 21.7 10.4 7.5 7.0 31.1 26.0 20.0 77.2 6.6 -2.0 12.8 30.3 - Buildings -4.0 2.4 27.6 -6.6 -11.5 5.8 19.0 36.8 40.0 9.4 30.7 25.5 -13.2 -9.4 6.6 1.3 9.6 8.5 14.5 37.3 24.3 25.7 56.5 53.7 33.6 34.7 13.6 3.1 11.3 44.8 30.4 17.7 65.5 19.7 3.9 13.4 29.7 - Civil engineering -9.8 -24.8 14.4 -40.0 -24.9 -19.4 -19.0 15.1 9.1 8.3 25.0 13.3 -21.7 -21.0 -23.7 -21.0 -13.5 -23.1 -24.4 -2.1 -20.9 21.6 37.2 17.4 -5.0 16.2 9.9 10.0 5.5 26.4 23.8 24.9 79.4 -1.0 -5.5 12.5 30.7 - MARKET SERVICES, year-on-year growth rates, % Services, total 5.8 5.8 5.9 7.5 7.2 4.6 4.3 5.5 5.0 5.0 8.1 5.2 6.2 6.9 0.4 7.2 6.4 2.6 4.2 6.0 2.6 2.9 10.4 0.7 9.1 5.3 6.2 5.2 3.6 9.2 8.6 6.6 8.7 4.3 3.0 8.8 - - Transportation and storage 3.6 7.5 12.3 7.1 8.5 6.4 8.0 12.8 9.3 11.8 15.3 6.2 8.4 7.6 -0.7 10.8 9.5 5.3 9.8 8.8 13.0 6.6 18.6 2.2 16.2 9.4 11.5 15.0 9.3 19.7 16.9 9.4 10.5 5.1 3.4 9.1 - - Information and communication activities 6.6 0.1 2.1 2.8 2.1 -0.4 -3.2 -2.0 4.9 1.2 3.8 8.3 1.0 2.3 -4.9 -1.1 4.6 -3.0 -4.3 -2.4 -2.4 -2.8 -1.0 1.4 7.2 6.1 3.3 1.1 -0.6 5.5 3.5 2.7 6.8 7.4 10.4 2.1 - - Professional, scientific and technical activities 2.6 4.3 -0.3 5.8 6.4 2.5 2.6 -1.1 -1.3 -1.8 2.4 7.9 5.9 4.5 -1.5 8.5 1.2 -4.1 4.5 6.9 -1.9 -3.9 2.0 -8.3 2.5 1.8 0.3 -4.1 -1.5 3.4 -0.9 4.7 11.9 7.2 5.2 19.4 - - Administrative and support service activities 16.6 8.9 9.8 8.6 7.9 7.2 11.9 11.9 10.0 8.1 9.6 9.3 7.8 7.1 3.6 8.6 9.3 11.4 9.9 14.3 8.4 7.8 18.9 9.8 10.9 9.4 12.1 6.3 6.2 5.7 14.6 8.6 14.5 12.6 2.2 10.5 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 4.6 6.7 8.6 6.0 6.7 4.6 9.2 10.8 7.8 10.0 6.0 3.9 8.6 6.5 0.6 9.6 4.2 6.4 10.3 10.8 13.2 6.0 13.2 3.5 9.4 10.5 10.8 11.6 7.6 8.6 8.7 0.9 5.7 2.5 3.6 8.4 - - Real turnover in retail trade 1.1 4.4 7.4 2.2 2.1 3.0 10.1 12.1 8.3 8.1 2.2 -0.9 1.5 4.3 1.3 5.5 2.4 7.7 11.4 11.1 13.9 8.7 13.3 5.8 9.4 9.8 9.4 7.8 7.2 2.7 6.2 -1.6 -0.9 -2.2 0.3 -0.3 - - Real turnover in the sale and maintenance of motor vehicles 14.0 21.8 14.2 23.1 24.1 18.9 20.8 15.8 12.7 13.5 14.7 12.4 30.6 17.1 12.2 27.7 18.7 16.9 22.9 22.6 19.4 9.0 18.9 9.6 12.8 15.7 12.0 18.9 10.5 21.6 16.2 6.4 14.2 12.1 11.1 19.1 - - Nominal turnover in wholesale trade & commission trade 3.5 3.5 6.9 3.1 4.0 1.7 5.0 8.5 5.7 8.8 5.0 4.2 5.9 4.7 -3.6 8.1 1.4 2.3 5.7 7.0 10.8 3.3 11.3 -0.3 8.5 8.7 10.4 10.8 5.6 7.7 7.3 0.1 7.2 2.4 3.2 11.0 - - TOURISM, y-o-y growth rates, % Total, overnight stays 7.2 7.6 11.3 9.6 0.9 9.0 11.3 4.7 18.0 11.5 8.6 11.4 2.5 0.4 8.1 6.9 14.6 13.7 12.6 7.2 5.0 2.5 6.5 27.1 5.0 22.6 13.2 12.6 6.7 8.1 8.2 10.1 9.3 7.2 17.5 14.1 34.2 - Domestic tourists, overnight stays 6.3 2.8 4.3 1.3 1.0 4.6 3.4 4.1 5.1 2.8 6.2 3.2 -0.5 -3.1 2.3 1.5 15.3 -5.9 11.4 7.0 -2.8 -3.6 20.9 -1.6 5.8 9.7 5.5 3.8 -3.3 15.6 -0.9 3.6 13.1 0.1 -0.8 14.3 8.1 - Foreign tourists, overnight stays 7.7 10.3 15.0 17.4 0.8 10.9 17.1 5.2 24.7 15.1 10.2 17.9 3.9 2.3 10.9 9.2 14.3 26.9 13.6 7.4 10.0 9.7 -3.0 46.7 4.7 29.1 16.5 16.1 10.9 4.3 15.8 14.8 7.2 14.6 32.5 14.0 46.0 - Accommodation and food service activities 7.4 11.0 9.1 9.9 8.2 13.2 12.2 8.0 12.4 9.3 6.4 6.4 6.6 9.2 12.4 10.8 16.9 14.2 10.2 11.9 6.8 6.0 10.7 13.1 9.8 14.4 11.8 11.5 4.3 6.6 7.2 5.7 10.4 3.6 5.2 8.4 - AGRICULTURE Purchase of agricultural products, in EUR m 472.9 465.7 518.7 104.6 110.1 118.2 132.9 108.7 119.8 135.2 155.0 110.9 37.3 36.8 39.1 36.3 42.9 46.3 42.9 43.6 35.0 34.2 39.5 36.8 42.0 41.1 45.8 42.3 47.1 57.6 48.4 49.0 37.2 34.0 39.7 39.6 - - BUSSINES TENDENCY (indicator values**) Sentiment indicator 5.2 5.5 12.5 3.7 4.6 6.1 7.7 11.1 11.2 11.7 15.8 14.2 3.7 4.5 5.4 6.6 6.2 6.9 7.9 8.3 10.0 10.5 12.7 11.7 9.6 12.4 11.5 11.4 12.3 15.4 16.1 15.9 16.1 14.5 12.1 13.1 12.1 13.3 Confidence indicator in manufacturing 6 6 10 4 6 5 6 10 8 9 13 12 6 5 5 7 3 6 6 7 9 10 12 9 7 9 8 8 10 12 14 13 14 13 10 9 8 8 in construction -14 -10 13 -17 -15 -8 -1 4 10 16 18 23 -15 -14 -13 -8 -2 -4 0 2 -1 7 6 10 8 13 17 16 16 21 14 20 22 22 24 25 26 27 in services 16 19 25 17 19 19 21 24 25 24 28 24 17 18 20 18 19 21 21 21 22 23 26 27 24 24 24 25 23 27 28 29 25 24 23 25 25 24 in retail trade 15 20 21 24 13 25 16 19 18 22 26 19 12 17 20 24 30 10 19 19 12 18 28 12 10 32 23 18 24 28 30 20 32 20 5 11 1 23 consumer confidence indicator -11 -14 -4 -18 -17 -12 -10 -7 -5 -4 0 0 -18 -16 -13 -12 -11 -11 -10 -9 -3 -8 -9 -5 -6 -3 -4 -4 -3 0 0 1 2 0 -1 1 0 1 Source: SURS. Opombe: 1 Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. Statistical Appendix 23Slovenian Economic Mirror, No. 5/2018 Production 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 5.6 7.1 7.9 6.2 8.8 6.7 6.6 7.6 5.9 8.0 10.0 7.3 10.2 7.5 2.7 10.5 7.5 3.0 8.0 9.2 6.5 3.2 12.9 1.3 8.3 7.8 7.6 7.8 8.6 13.6 10.0 6.2 11.3 7.4 3.8 9.4 5.4 - B Mining and quarrying 0.3 1.7 2.6 8.4 -7.9 10.1 -1.6 11.4 8.0 3.0 -10.6 -17.2 -6.0 -9.3 -24.6 9.6 50.5 33.3 -15.2 -18.4 7.0 11.6 15.2 7.1 7.8 9.0 38.7 1.2 -16.1 -17.8 -3.0 -8.3 -7.4 -19.1 -23.9 6.0 6.0 - C Manufacturing 6.0 8.2 8.6 7.4 10.2 7.7 7.4 7.8 6.6 8.7 11.1 7.9 11.7 8.5 3.9 12.2 7.8 3.3 9.1 10.4 6.0 3.0 13.9 1.4 9.2 8.9 8.2 8.4 9.5 14.6 11.1 7.2 12.8 8.0 3.8 10.1 6.1 - D Electricity, gas & steam supply1 2.5 -3.4 1.9 -5.0 -4.2 -3.9 -0.4 4.6 -1.1 1.3 2.7 4.6 -3.5 -3.3 -5.0 -4.0 -2.7 -5.1 -1.1 4.8 10.6 1.5 1.8 0.4 -0.3 -3.4 -2.0 3.0 3.0 9.1 1.5 -1.9 -0.9 5.8 8.9 3.0 0.1 - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -8.2 -17.7 17.7 -31.3 -21.4 -12.6 -9.2 19.8 17.3 8.3 26.0 18.7 -19.4 -17.9 -15.7 -14.9 -7.4 -15.0 -15.2 9.3 -9.3 20.9 41.4 26.8 4.7 21.7 10.4 7.5 7.0 31.1 26.0 20.0 77.2 6.6 -2.0 12.8 30.3 - Buildings -4.0 2.4 27.6 -6.6 -11.5 5.8 19.0 36.8 40.0 9.4 30.7 25.5 -13.2 -9.4 6.6 1.3 9.6 8.5 14.5 37.3 24.3 25.7 56.5 53.7 33.6 34.7 13.6 3.1 11.3 44.8 30.4 17.7 65.5 19.7 3.9 13.4 29.7 - Civil engineering -9.8 -24.8 14.4 -40.0 -24.9 -19.4 -19.0 15.1 9.1 8.3 25.0 13.3 -21.7 -21.0 -23.7 -21.0 -13.5 -23.1 -24.4 -2.1 -20.9 21.6 37.2 17.4 -5.0 16.2 9.9 10.0 5.5 26.4 23.8 24.9 79.4 -1.0 -5.5 12.5 30.7 - MARKET SERVICES, year-on-year growth rates, % Services, total 5.8 5.8 5.9 7.5 7.2 4.6 4.3 5.5 5.0 5.0 8.1 5.2 6.2 6.9 0.4 7.2 6.4 2.6 4.2 6.0 2.6 2.9 10.4 0.7 9.1 5.3 6.2 5.2 3.6 9.2 8.6 6.6 8.7 4.3 3.0 8.8 - - Transportation and storage 3.6 7.5 12.3 7.1 8.5 6.4 8.0 12.8 9.3 11.8 15.3 6.2 8.4 7.6 -0.7 10.8 9.5 5.3 9.8 8.8 13.0 6.6 18.6 2.2 16.2 9.4 11.5 15.0 9.3 19.7 16.9 9.4 10.5 5.1 3.4 9.1 - - Information and communication activities 6.6 0.1 2.1 2.8 2.1 -0.4 -3.2 -2.0 4.9 1.2 3.8 8.3 1.0 2.3 -4.9 -1.1 4.6 -3.0 -4.3 -2.4 -2.4 -2.8 -1.0 1.4 7.2 6.1 3.3 1.1 -0.6 5.5 3.5 2.7 6.8 7.4 10.4 2.1 - - Professional, scientific and technical activities 2.6 4.3 -0.3 5.8 6.4 2.5 2.6 -1.1 -1.3 -1.8 2.4 7.9 5.9 4.5 -1.5 8.5 1.2 -4.1 4.5 6.9 -1.9 -3.9 2.0 -8.3 2.5 1.8 0.3 -4.1 -1.5 3.4 -0.9 4.7 11.9 7.2 5.2 19.4 - - Administrative and support service activities 16.6 8.9 9.8 8.6 7.9 7.2 11.9 11.9 10.0 8.1 9.6 9.3 7.8 7.1 3.6 8.6 9.3 11.4 9.9 14.3 8.4 7.8 18.9 9.8 10.9 9.4 12.1 6.3 6.2 5.7 14.6 8.6 14.5 12.6 2.2 10.5 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 4.6 6.7 8.6 6.0 6.7 4.6 9.2 10.8 7.8 10.0 6.0 3.9 8.6 6.5 0.6 9.6 4.2 6.4 10.3 10.8 13.2 6.0 13.2 3.5 9.4 10.5 10.8 11.6 7.6 8.6 8.7 0.9 5.7 2.5 3.6 8.4 - - Real turnover in retail trade 1.1 4.4 7.4 2.2 2.1 3.0 10.1 12.1 8.3 8.1 2.2 -0.9 1.5 4.3 1.3 5.5 2.4 7.7 11.4 11.1 13.9 8.7 13.3 5.8 9.4 9.8 9.4 7.8 7.2 2.7 6.2 -1.6 -0.9 -2.2 0.3 -0.3 - - Real turnover in the sale and maintenance of motor vehicles 14.0 21.8 14.2 23.1 24.1 18.9 20.8 15.8 12.7 13.5 14.7 12.4 30.6 17.1 12.2 27.7 18.7 16.9 22.9 22.6 19.4 9.0 18.9 9.6 12.8 15.7 12.0 18.9 10.5 21.6 16.2 6.4 14.2 12.1 11.1 19.1 - - Nominal turnover in wholesale trade & commission trade 3.5 3.5 6.9 3.1 4.0 1.7 5.0 8.5 5.7 8.8 5.0 4.2 5.9 4.7 -3.6 8.1 1.4 2.3 5.7 7.0 10.8 3.3 11.3 -0.3 8.5 8.7 10.4 10.8 5.6 7.7 7.3 0.1 7.2 2.4 3.2 11.0 - - TOURISM, y-o-y growth rates, % Total, overnight stays 7.2 7.6 11.3 9.6 0.9 9.0 11.3 4.7 18.0 11.5 8.6 11.4 2.5 0.4 8.1 6.9 14.6 13.7 12.6 7.2 5.0 2.5 6.5 27.1 5.0 22.6 13.2 12.6 6.7 8.1 8.2 10.1 9.3 7.2 17.5 14.1 34.2 - Domestic tourists, overnight stays 6.3 2.8 4.3 1.3 1.0 4.6 3.4 4.1 5.1 2.8 6.2 3.2 -0.5 -3.1 2.3 1.5 15.3 -5.9 11.4 7.0 -2.8 -3.6 20.9 -1.6 5.8 9.7 5.5 3.8 -3.3 15.6 -0.9 3.6 13.1 0.1 -0.8 14.3 8.1 - Foreign tourists, overnight stays 7.7 10.3 15.0 17.4 0.8 10.9 17.1 5.2 24.7 15.1 10.2 17.9 3.9 2.3 10.9 9.2 14.3 26.9 13.6 7.4 10.0 9.7 -3.0 46.7 4.7 29.1 16.5 16.1 10.9 4.3 15.8 14.8 7.2 14.6 32.5 14.0 46.0 - Accommodation and food service activities 7.4 11.0 9.1 9.9 8.2 13.2 12.2 8.0 12.4 9.3 6.4 6.4 6.6 9.2 12.4 10.8 16.9 14.2 10.2 11.9 6.8 6.0 10.7 13.1 9.8 14.4 11.8 11.5 4.3 6.6 7.2 5.7 10.4 3.6 5.2 8.4 - AGRICULTURE Purchase of agricultural products, in EUR m 472.9 465.7 518.7 104.6 110.1 118.2 132.9 108.7 119.8 135.2 155.0 110.9 37.3 36.8 39.1 36.3 42.9 46.3 42.9 43.6 35.0 34.2 39.5 36.8 42.0 41.1 45.8 42.3 47.1 57.6 48.4 49.0 37.2 34.0 39.7 39.6 - - BUSSINES TENDENCY (indicator values**) Sentiment indicator 5.2 5.5 12.5 3.7 4.6 6.1 7.7 11.1 11.2 11.7 15.8 14.2 3.7 4.5 5.4 6.6 6.2 6.9 7.9 8.3 10.0 10.5 12.7 11.7 9.6 12.4 11.5 11.4 12.3 15.4 16.1 15.9 16.1 14.5 12.1 13.1 12.1 13.3 Confidence indicator in manufacturing 6 6 10 4 6 5 6 10 8 9 13 12 6 5 5 7 3 6 6 7 9 10 12 9 7 9 8 8 10 12 14 13 14 13 10 9 8 8 in construction -14 -10 13 -17 -15 -8 -1 4 10 16 18 23 -15 -14 -13 -8 -2 -4 0 2 -1 7 6 10 8 13 17 16 16 21 14 20 22 22 24 25 26 27 in services 16 19 25 17 19 19 21 24 25 24 28 24 17 18 20 18 19 21 21 21 22 23 26 27 24 24 24 25 23 27 28 29 25 24 23 25 25 24 in retail trade 15 20 21 24 13 25 16 19 18 22 26 19 12 17 20 24 30 10 19 19 12 18 28 12 10 32 23 18 24 28 30 20 32 20 5 11 1 23 consumer confidence indicator -11 -14 -4 -18 -17 -12 -10 -7 -5 -4 0 0 -18 -16 -13 -12 -11 -11 -10 -9 -3 -8 -9 -5 -6 -3 -4 -4 -3 0 0 1 2 0 -1 1 0 1 Source: SURS. Opombe: 1 Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. Statistical Appendix24 Slovenian Economic Mirror, No. 5/2018 Labour market 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 FORMAL LABOUR FORCE (A=B+E) 917.4 920.4 934.1 917.8 919.7 917.7 926.2 927.6 934.3 932.5 942.0 943.1 919.9 919.8 916.9 916.6 919.6 926.6 927.9 924.1 926.4 927.5 928.8 933.4 934.4 935.1 931.6 931.7 934.2 941.4 943.4 941.3 942.3 942.5 944.4 947.9 949.0 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 804.6 817.2 845.5 803.0 817.2 820.3 828.3 827.5 846.5 849.3 858.5 858.1 817.6 820.0 817.8 818.7 824.4 829.3 831.1 824.5 822.7 826.2 833.6 842.3 846.8 850.3 846.9 847.9 853.2 858.4 861.0 856.2 854.4 856.8 863.2 869.3 872.3 In agriculture, forestry, fishing 29.9 23.1 25.0 23.9 23.8 22.1 22.8 22.3 27.3 25.2 25.2 24.7 23.8 23.7 22.2 22.1 22.2 22.9 22.8 22.6 22.2 22.3 22.4 27.3 27.2 27.3 25.1 25.2 25.2 25.3 25.3 25.1 24.7 24.5 24.9 27.2 27.2 In industry, construction 255.2 260.3 269.1 254.7 260.7 262.5 263.3 261.2 268.7 271.9 274.8 273.7 260.7 261.7 262.1 262.0 263.5 264.6 265.1 260.1 258.7 260.4 264.6 266.6 268.9 270.5 271.1 271.6 273.0 275.2 276.3 272.9 272.0 272.7 276.4 278.3 279.6 - in manufacturing 181.0 186.7 193.9 184.1 186.2 187.3 189.0 189.7 192.8 195.0 198.0 199.3 186.2 186.8 186.8 187.1 188.1 188.9 189.6 188.6 188.6 189.6 190.9 191.5 193.0 193.9 194.5 194.8 195.8 197.6 198.3 198.1 198.4 199.0 200.4 200.9 201.6 - in construction 54.3 53.9 55.7 50.9 54.6 55.4 54.7 52.2 56.3 57.2 57.2 54.9 54.6 55.0 55.3 55.2 55.7 56.0 55.9 52.2 50.8 51.5 54.3 55.6 56.3 56.9 56.9 57.1 57.5 58.0 58.4 55.3 54.2 54.2 56.3 57.4 58.1 In services 519.6 533.8 551.3 524.4 532.7 535.7 542.3 544.0 550.6 552.3 558.5 559.7 533.2 534.6 533.5 534.6 538.8 541.8 543.2 541.8 541.7 543.6 546.6 548.5 550.8 552.4 550.7 551.1 555.0 557.9 559.4 558.2 557.7 559.5 561.9 563.9 565.5 - in public administration 48.1 48.4 48.8 48.1 48.4 48.6 48.6 48.6 48.8 49.0 49.0 48.8 48.4 48.5 48.5 48.6 48.7 48.7 48.7 48.4 48.4 48.5 48.7 48.6 48.9 48.9 49.0 49.0 49.1 49.1 49.0 48.8 48.7 48.8 48.9 49.0 49.2 - in education, health-services and social work 124.0 127.7 131.6 125.9 127.6 127.3 130.0 130.8 131.4 130.8 133.5 134.3 127.7 127.8 126.5 126.5 128.8 129.7 130.3 130.1 130.3 130.8 131.2 131.3 131.6 131.4 130.0 130.0 132.4 133.2 133.7 133.7 134.0 134.2 134.6 134.9 135.0 FORMALLY EMPLOYED (C)1 713.1 730.5 755.3 716.2 730.2 734.6 741.1 740.5 754.3 758.9 767.4 767.5 730.6 733.0 732.2 733.1 738.4 742.2 743.8 737.4 735.8 739.2 746.4 750.3 754.7 758.0 756.8 757.5 762.5 767.3 769.7 765.1 763.8 766.3 772.3 776.2 779.0 In enterprises and organisations 662.3 680.2 704.3 667.5 679.6 683.6 690.2 691.1 702.6 707.3 716.2 718.1 679.9 682.2 681.4 682.2 687.3 690.7 692.4 687.6 687.1 690.3 695.9 699.0 703.0 705.9 705.1 705.9 710.9 715.5 718.1 715.1 714.8 717.3 722.2 725.3 727.8 By those self-employed 50.8 50.3 51.0 48.7 50.7 51.0 50.9 49.4 51.7 51.6 51.2 49.4 50.7 50.8 50.8 50.9 51.2 51.5 51.5 49.8 48.7 48.9 50.5 51.3 51.8 52.1 51.7 51.6 51.6 51.8 51.6 50.0 49.0 49.0 50.1 50.9 51.2 SELF-EMPLOYED AND FARMERS (D) 91.6 86.7 90.2 86.9 87.0 85.8 87.2 87.0 92.1 90.4 91.2 90.6 87.0 87.0 85.6 85.7 86.0 87.1 87.2 87.1 86.8 87.0 87.2 92.1 92.1 92.2 90.1 90.4 90.7 91.1 91.3 91.1 90.6 90.5 90.9 93.1 93.2 REGISTERED UNEMPLOYMENT (E) 112.7 103.2 88.6 114.8 102.5 97.4 97.9 100.1 87.8 83.2 83.5 84.9 102.3 99.8 99.1 97.9 95.1 97.3 96.8 99.6 103.7 101.3 95.2 91.1 87.7 84.8 84.7 83.8 81.0 83.0 82.4 85.1 87.9 85.7 81.2 78.6 76.7 Female 57.5 52.4 45.4 56.6 52.3 50.6 50.2 49.5 45.5 43.7 42.9 42.1 52.3 51.3 51.4 51.0 49.4 50.6 50.1 49.7 50.5 49.8 48.3 46.9 45.5 44.1 44.5 44.3 42.3 43.4 42.8 42.5 43.1 42.1 41.0 40.2 39.3 By age: 15 to 29 26.7 22.5 17.5 26.1 21.7 20.5 21.6 20.7 17.0 15.2 17.1 16.4 21.5 20.5 20.1 19.6 21.8 21.8 21.5 21.5 21.6 20.9 19.4 18.2 17.0 15.9 15.7 15.3 14.6 17.3 16.9 17.0 17.2 16.4 15.5 14.7 14.0 Aged over 50 36.7 36.5 34.3 38.6 36.8 35.4 35.0 36.9 34.3 33.2 32.7 33.8 36.8 36.3 36.0 35.6 34.7 34.7 34.7 35.7 37.6 37.2 35.8 35.0 34.3 33.6 33.6 33.3 32.7 32.4 32.4 33.2 34.5 34.0 32.8 32.2 31.7 Primary education or less 32.3 30.2 26.7 33.8 30.0 28.2 28.8 30.6 26.3 24.6 25.2 26.6 30.0 29.2 28.6 28.2 27.9 28.0 28.1 30.1 32.0 31.2 28.6 27.2 26.3 25.4 24.9 24.6 24.3 24.5 24.6 26.4 27.7 27.0 25.2 24.2 23.7 For more than 1 year 59.7 55.1 47.0 58.5 56.0 53.5 52.3 51.2 48.1 45.2 43.7 42.9 56.1 55.4 54.3 53.6 52.7 52.8 52.2 51.9 52.1 51.3 50.3 49.1 48.1 46.9 46.0 45.2 44.3 44.2 43.7 43.3 43.7 42.9 42.2 41.5 41.0 Those receiving benefits 23.7 23.1 21.5 28.9 21.3 20.5 21.5 27.3 19.5 19.8 20.2 25.0 21.3 20.7 21.2 20.1 20.2 20.1 20.5 23.8 28.4 26.8 24.7 20.3 19.2 19.1 19.8 20.0 19.4 19.0 19.2 22.2 25.7 24.6 23.0 19.3 18.6 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 12.3 11.2 9.5 12.5 11.1 10.6 10.6 11.1 9.4 8.9 8.9 9.0 11.1 10.8 10.8 10.7 10.3 10.5 10.4 10.8 11.2 10.9 10.2 9.8 9.4 9.1 9.1 9.0 8.7 8.8 8.7 9.0 9.3 9.1 8.6 8.3 8.1 Male 11.1 10.2 8.5 11.8 10.1 9.4 9.5 10.4 8.3 7.8 7.9 8.4 10.1 9.8 9.6 9.4 9.2 9.3 9.3 10.0 10.6 10.3 9.3 8.7 8.3 8.0 8.0 7.8 7.6 7.8 7.7 8.3 8.8 8.5 7.9 7.5 7.3 Female 13.7 12.4 10.6 13.4 12.4 12.0 11.8 11.8 10.7 10.2 9.9 9.7 12.4 12.1 12.2 12.1 11.7 11.9 11.8 11.7 11.9 11.7 11.3 11.0 10.7 10.3 10.4 10.4 9.9 10.1 9.9 9.9 10.0 9.7 9.5 9.2 9.0 FLOWS OF FORMAL LABOUR FORCE -6.4 -13.5 -14.6 -2.9 -10.4 -4.7 4.5 1.7 -10.4 -3.8 4.1 -3.8 -3.2 -2.5 -0.7 -1.2 -2.8 2.1 -0.4 2.8 4.1 -2.4 -6.2 -4.1 -3.4 -2.9 -0.1 -0.8 -2.9 2.0 -0.6 2.6 2.9 -2.2 -4.5 -2.7 -1.9 New unemployed first-job seekers 15.8 14.2 12.3 3.0 2.0 2.7 6.5 1.8 1.8 2.3 5.7 2.1 0.7 0.7 0.6 0.6 1.4 4.5 1.3 0.7 1.0 0.8 0.8 0.6 0.6 0.6 0.5 0.6 1.2 4.0 1.0 0.7 0.9 0.6 0.6 0.6 0.6 Redundancies 81.3 75.7 70.0 23.8 15.4 16.3 20.3 17.1 13.7 15.5 18.6 19.5 5.1 5.0 6.1 4.8 5.4 5.9 6.1 8.3 12.0 5.2 5.1 4.6 4.6 4.4 6.0 4.5 5.0 5.6 5.4 7.6 10.3 4.6 4.6 4.7 4.5 Registered unemployed who found employment 71.0 74.9 68.6 23.6 20.6 16.1 14.5 12.6 18.5 14.3 13.6 20.0 6.5 5.7 5.0 4.3 6.8 5.3 5.1 4.0 6.3 6.3 9.7 6.9 6.1 5.4 4.3 3.5 6.4 5.1 4.8 3.7 6.2 5.6 8.2 6.5 5.3 Other outflows from unemployment (net) 32.6 28.6 28.3 6.0 7.2 7.5 7.9 4.6 7.4 7.3 6.7 5.4 2.4 2.5 2.4 2.3 2.8 3.0 2.7 2.3 2.6 2.0 2.4 2.4 2.6 2.4 2.4 2.3 2.6 2.6 2.2 1.9 2.2 1.7 1.5 1.4 1.6 FIXED TERM WORK PERMITS FOR FOREIGNERS 23.2 19.2 18.0 21.6 20.0 18.2 17.1 16.8 17.2 18.4 19.4 20.8 20.3 19.5 19.0 18.2 17.6 17.1 17.1 17.0 16.9 16.8 16.8 16.9 17.2 17.6 18.0 18.5 18.8 18.6 19.8 19.8 20.2 21.1 21.8 22.5 23.6 As % of labour force 2.5 2.1 1.9 2.4 2.2 2.0 1.8 1.8 1.8 2.0 2.1 2.2 2.2 2.1 2.1 2.0 1.9 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.9 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2.2 2.3 2.4 2.5 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Statistical Appendix 25Slovenian Economic Mirror, No. 5/2018 Labour market 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 FORMAL LABOUR FORCE (A=B+E) 917.4 920.4 934.1 917.8 919.7 917.7 926.2 927.6 934.3 932.5 942.0 943.1 919.9 919.8 916.9 916.6 919.6 926.6 927.9 924.1 926.4 927.5 928.8 933.4 934.4 935.1 931.6 931.7 934.2 941.4 943.4 941.3 942.3 942.5 944.4 947.9 949.0 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 804.6 817.2 845.5 803.0 817.2 820.3 828.3 827.5 846.5 849.3 858.5 858.1 817.6 820.0 817.8 818.7 824.4 829.3 831.1 824.5 822.7 826.2 833.6 842.3 846.8 850.3 846.9 847.9 853.2 858.4 861.0 856.2 854.4 856.8 863.2 869.3 872.3 In agriculture, forestry, fishing 29.9 23.1 25.0 23.9 23.8 22.1 22.8 22.3 27.3 25.2 25.2 24.7 23.8 23.7 22.2 22.1 22.2 22.9 22.8 22.6 22.2 22.3 22.4 27.3 27.2 27.3 25.1 25.2 25.2 25.3 25.3 25.1 24.7 24.5 24.9 27.2 27.2 In industry, construction 255.2 260.3 269.1 254.7 260.7 262.5 263.3 261.2 268.7 271.9 274.8 273.7 260.7 261.7 262.1 262.0 263.5 264.6 265.1 260.1 258.7 260.4 264.6 266.6 268.9 270.5 271.1 271.6 273.0 275.2 276.3 272.9 272.0 272.7 276.4 278.3 279.6 - in manufacturing 181.0 186.7 193.9 184.1 186.2 187.3 189.0 189.7 192.8 195.0 198.0 199.3 186.2 186.8 186.8 187.1 188.1 188.9 189.6 188.6 188.6 189.6 190.9 191.5 193.0 193.9 194.5 194.8 195.8 197.6 198.3 198.1 198.4 199.0 200.4 200.9 201.6 - in construction 54.3 53.9 55.7 50.9 54.6 55.4 54.7 52.2 56.3 57.2 57.2 54.9 54.6 55.0 55.3 55.2 55.7 56.0 55.9 52.2 50.8 51.5 54.3 55.6 56.3 56.9 56.9 57.1 57.5 58.0 58.4 55.3 54.2 54.2 56.3 57.4 58.1 In services 519.6 533.8 551.3 524.4 532.7 535.7 542.3 544.0 550.6 552.3 558.5 559.7 533.2 534.6 533.5 534.6 538.8 541.8 543.2 541.8 541.7 543.6 546.6 548.5 550.8 552.4 550.7 551.1 555.0 557.9 559.4 558.2 557.7 559.5 561.9 563.9 565.5 - in public administration 48.1 48.4 48.8 48.1 48.4 48.6 48.6 48.6 48.8 49.0 49.0 48.8 48.4 48.5 48.5 48.6 48.7 48.7 48.7 48.4 48.4 48.5 48.7 48.6 48.9 48.9 49.0 49.0 49.1 49.1 49.0 48.8 48.7 48.8 48.9 49.0 49.2 - in education, health-services and social work 124.0 127.7 131.6 125.9 127.6 127.3 130.0 130.8 131.4 130.8 133.5 134.3 127.7 127.8 126.5 126.5 128.8 129.7 130.3 130.1 130.3 130.8 131.2 131.3 131.6 131.4 130.0 130.0 132.4 133.2 133.7 133.7 134.0 134.2 134.6 134.9 135.0 FORMALLY EMPLOYED (C)1 713.1 730.5 755.3 716.2 730.2 734.6 741.1 740.5 754.3 758.9 767.4 767.5 730.6 733.0 732.2 733.1 738.4 742.2 743.8 737.4 735.8 739.2 746.4 750.3 754.7 758.0 756.8 757.5 762.5 767.3 769.7 765.1 763.8 766.3 772.3 776.2 779.0 In enterprises and organisations 662.3 680.2 704.3 667.5 679.6 683.6 690.2 691.1 702.6 707.3 716.2 718.1 679.9 682.2 681.4 682.2 687.3 690.7 692.4 687.6 687.1 690.3 695.9 699.0 703.0 705.9 705.1 705.9 710.9 715.5 718.1 715.1 714.8 717.3 722.2 725.3 727.8 By those self-employed 50.8 50.3 51.0 48.7 50.7 51.0 50.9 49.4 51.7 51.6 51.2 49.4 50.7 50.8 50.8 50.9 51.2 51.5 51.5 49.8 48.7 48.9 50.5 51.3 51.8 52.1 51.7 51.6 51.6 51.8 51.6 50.0 49.0 49.0 50.1 50.9 51.2 SELF-EMPLOYED AND FARMERS (D) 91.6 86.7 90.2 86.9 87.0 85.8 87.2 87.0 92.1 90.4 91.2 90.6 87.0 87.0 85.6 85.7 86.0 87.1 87.2 87.1 86.8 87.0 87.2 92.1 92.1 92.2 90.1 90.4 90.7 91.1 91.3 91.1 90.6 90.5 90.9 93.1 93.2 REGISTERED UNEMPLOYMENT (E) 112.7 103.2 88.6 114.8 102.5 97.4 97.9 100.1 87.8 83.2 83.5 84.9 102.3 99.8 99.1 97.9 95.1 97.3 96.8 99.6 103.7 101.3 95.2 91.1 87.7 84.8 84.7 83.8 81.0 83.0 82.4 85.1 87.9 85.7 81.2 78.6 76.7 Female 57.5 52.4 45.4 56.6 52.3 50.6 50.2 49.5 45.5 43.7 42.9 42.1 52.3 51.3 51.4 51.0 49.4 50.6 50.1 49.7 50.5 49.8 48.3 46.9 45.5 44.1 44.5 44.3 42.3 43.4 42.8 42.5 43.1 42.1 41.0 40.2 39.3 By age: 15 to 29 26.7 22.5 17.5 26.1 21.7 20.5 21.6 20.7 17.0 15.2 17.1 16.4 21.5 20.5 20.1 19.6 21.8 21.8 21.5 21.5 21.6 20.9 19.4 18.2 17.0 15.9 15.7 15.3 14.6 17.3 16.9 17.0 17.2 16.4 15.5 14.7 14.0 Aged over 50 36.7 36.5 34.3 38.6 36.8 35.4 35.0 36.9 34.3 33.2 32.7 33.8 36.8 36.3 36.0 35.6 34.7 34.7 34.7 35.7 37.6 37.2 35.8 35.0 34.3 33.6 33.6 33.3 32.7 32.4 32.4 33.2 34.5 34.0 32.8 32.2 31.7 Primary education or less 32.3 30.2 26.7 33.8 30.0 28.2 28.8 30.6 26.3 24.6 25.2 26.6 30.0 29.2 28.6 28.2 27.9 28.0 28.1 30.1 32.0 31.2 28.6 27.2 26.3 25.4 24.9 24.6 24.3 24.5 24.6 26.4 27.7 27.0 25.2 24.2 23.7 For more than 1 year 59.7 55.1 47.0 58.5 56.0 53.5 52.3 51.2 48.1 45.2 43.7 42.9 56.1 55.4 54.3 53.6 52.7 52.8 52.2 51.9 52.1 51.3 50.3 49.1 48.1 46.9 46.0 45.2 44.3 44.2 43.7 43.3 43.7 42.9 42.2 41.5 41.0 Those receiving benefits 23.7 23.1 21.5 28.9 21.3 20.5 21.5 27.3 19.5 19.8 20.2 25.0 21.3 20.7 21.2 20.1 20.2 20.1 20.5 23.8 28.4 26.8 24.7 20.3 19.2 19.1 19.8 20.0 19.4 19.0 19.2 22.2 25.7 24.6 23.0 19.3 18.6 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 12.3 11.2 9.5 12.5 11.1 10.6 10.6 11.1 9.4 8.9 8.9 9.0 11.1 10.8 10.8 10.7 10.3 10.5 10.4 10.8 11.2 10.9 10.2 9.8 9.4 9.1 9.1 9.0 8.7 8.8 8.7 9.0 9.3 9.1 8.6 8.3 8.1 Male 11.1 10.2 8.5 11.8 10.1 9.4 9.5 10.4 8.3 7.8 7.9 8.4 10.1 9.8 9.6 9.4 9.2 9.3 9.3 10.0 10.6 10.3 9.3 8.7 8.3 8.0 8.0 7.8 7.6 7.8 7.7 8.3 8.8 8.5 7.9 7.5 7.3 Female 13.7 12.4 10.6 13.4 12.4 12.0 11.8 11.8 10.7 10.2 9.9 9.7 12.4 12.1 12.2 12.1 11.7 11.9 11.8 11.7 11.9 11.7 11.3 11.0 10.7 10.3 10.4 10.4 9.9 10.1 9.9 9.9 10.0 9.7 9.5 9.2 9.0 FLOWS OF FORMAL LABOUR FORCE -6.4 -13.5 -14.6 -2.9 -10.4 -4.7 4.5 1.7 -10.4 -3.8 4.1 -3.8 -3.2 -2.5 -0.7 -1.2 -2.8 2.1 -0.4 2.8 4.1 -2.4 -6.2 -4.1 -3.4 -2.9 -0.1 -0.8 -2.9 2.0 -0.6 2.6 2.9 -2.2 -4.5 -2.7 -1.9 New unemployed first-job seekers 15.8 14.2 12.3 3.0 2.0 2.7 6.5 1.8 1.8 2.3 5.7 2.1 0.7 0.7 0.6 0.6 1.4 4.5 1.3 0.7 1.0 0.8 0.8 0.6 0.6 0.6 0.5 0.6 1.2 4.0 1.0 0.7 0.9 0.6 0.6 0.6 0.6 Redundancies 81.3 75.7 70.0 23.8 15.4 16.3 20.3 17.1 13.7 15.5 18.6 19.5 5.1 5.0 6.1 4.8 5.4 5.9 6.1 8.3 12.0 5.2 5.1 4.6 4.6 4.4 6.0 4.5 5.0 5.6 5.4 7.6 10.3 4.6 4.6 4.7 4.5 Registered unemployed who found employment 71.0 74.9 68.6 23.6 20.6 16.1 14.5 12.6 18.5 14.3 13.6 20.0 6.5 5.7 5.0 4.3 6.8 5.3 5.1 4.0 6.3 6.3 9.7 6.9 6.1 5.4 4.3 3.5 6.4 5.1 4.8 3.7 6.2 5.6 8.2 6.5 5.3 Other outflows from unemployment (net) 32.6 28.6 28.3 6.0 7.2 7.5 7.9 4.6 7.4 7.3 6.7 5.4 2.4 2.5 2.4 2.3 2.8 3.0 2.7 2.3 2.6 2.0 2.4 2.4 2.6 2.4 2.4 2.3 2.6 2.6 2.2 1.9 2.2 1.7 1.5 1.4 1.6 FIXED TERM WORK PERMITS FOR FOREIGNERS 23.2 19.2 18.0 21.6 20.0 18.2 17.1 16.8 17.2 18.4 19.4 20.8 20.3 19.5 19.0 18.2 17.6 17.1 17.1 17.0 16.9 16.8 16.8 16.9 17.2 17.6 18.0 18.5 18.8 18.6 19.8 19.8 20.2 21.1 21.8 22.5 23.6 As % of labour force 2.5 2.1 1.9 2.4 2.2 2.0 1.8 1.8 1.8 2.0 2.1 2.2 2.2 2.1 2.1 2.0 1.9 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.9 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2.2 2.3 2.4 2.5 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Statistical Appendix26 Slovenian Economic Mirror, No. 5/2018 Wages in EUR 2015 2016 2017 2016 2017 2018 2016 2017 2018 2017 Q1 18 May 18 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,627 1,656 1,663 0.7 1.8 2.7 2.3 1.5 1.7 1.9 1.5 2.3 2.8 3.9 3.6 2.1 1.5 0.5 3.7 2.1 0.5 1.9 1.3 3.4 2.4 2.8 2.7 3.0 3.4 4.1 4.2 4.2 3.6 2.9 4.6 3.1 Private sector activities (A–N; R–S) 1,529 1,599 1,601 0.8 1.3 2.7 1.8 1.1 1.0 1.5 1.6 2.3 2.6 4.1 3.8 1.2 0.3 -0.4 4.8 2.5 0.2 2.1 0.7 3.6 2.4 2.6 2.8 2.4 3.4 4.3 4.6 4.5 3.9 3.1 5.4 3.2 Public service activities (OPQ) 1,786 1,838 1,864 0.6 3.3 2.8 3.9 2.8 3.7 2.9 1.3 2.7 3.6 3.5 3.2 4.4 4.8 3.0 0.9 1.0 1.4 1.5 2.9 2.8 2.6 3.4 2.7 4.8 3.5 3.7 3.3 3.7 3.0 2.7 2.8 3.0 Industry (B–E) 1,584 1,673 1,663 1.7 1.9 3.2 2.2 1.6 1.3 2.5 2.3 2.7 2.6 4.8 4.0 1.7 0.3 0.4 7.1 4.1 0.2 2.6 1.4 4.6 2.1 2.9 2.8 2.2 4.6 3.9 5.9 5.9 4.1 2.1 5.5 3.2 Trad. market services (GHI) 1,399 1,451 1,468 0.9 0.9 2.7 1.6 0.8 0.5 0.8 1.7 2.2 2.8 4.0 3.7 0.9 0.2 -2.9 5.4 2.3 0.2 2.5 0.3 3.5 2.9 2.9 3.2 2.4 3.2 5.5 3.1 3.4 4.4 3.3 6.3 3.1 Other market services (J–N; R–S) 1,698 1,767 1,764 -0.4 0.7 2.1 1.2 0.3 0.5 0.9 0.7 1.7 2.5 3.5 3.8 0.5 0.1 1.2 1.5 0.9 0.1 1.0 0.4 2.4 2.1 2.1 2.3 3.1 2.2 3.7 4.5 3.6 3.0 4.7 4.6 3.3 A Agriculture, forestry and fishing 1,312 1,311 1,382 0.2 -0.4 0.2 2.2 -0.8 0.7 -3.3 0.2 0.3 -1.2 1.5 1.1 -0.3 0.2 -7.1 -2.5 -0.6 -0.7 1.7 -0.5 2.1 -0.6 -3.2 1.1 -1.5 1.5 1.1 1.9 4.7 1.9 -2.9 6.9 5.7 B Mining and quarrying 2,082 2,332 2,255 -5.9 2.7 1.2 1.1 1.6 2.4 5.6 4.2 3.2 0.5 -2.8 12.6 4.9 4.9 7.3 4.7 6.5 6.7 -0.3 6.4 1.9 1.5 2.0 -1.0 0.5 -2.3 -3.5 -2.8 28.5 2.7 6.5 6.7 10.9 C Manufacturing 1,597 1,638 1,625 2.1 2.1 3.2 2.4 1.7 1.5 2.8 2.2 2.7 2.8 5.0 4.2 1.8 0.2 0.8 7.5 4.1 -0.2 2.7 1.4 4.5 2.2 3.2 2.8 2.3 5.3 4.1 5.7 5.9 4.5 2.4 5.6 3.5 D Electricity, gas, steam and air conditioning supply 2,449 2,417 2,455 -1.0 1.3 4.3 2.3 1.9 0.0 0.9 4.2 3.1 3.6 6.2 1.5 1.8 3.5 -5.4 6.0 3.9 6.2 2.6 1.9 8.5 -0.7 0.9 6.2 3.7 0.1 2.9 15.5 4.7 -0.5 0.6 5.0 0.7 E Water supply sewerage, waste management and remediation activities 1,577 1,581 1,612 1.5 1.9 3.5 2.3 2.6 1.7 1.2 4.2 4.0 1.4 4.2 2.2 2.3 -0.9 -0.1 4.7 6.3 2.1 4.3 1.9 4.1 5.8 2.2 1.7 0.3 2.3 6.8 3.3 2.3 4.6 -0.1 3.5 2.8 F Constrution 1,238 1,258 1,292 -0.2 1.3 2.7 1.5 1.5 1.9 0.4 1.1 2.7 2.3 4.4 4.8 1.8 0.3 -1.2 2.2 1.2 -0.3 2.4 -0.2 4.4 3.8 2.8 3.0 1.1 4.5 4.2 4.5 6.6 5.8 2.2 6.8 3.5 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,485 1,514 1,520 1.4 1.6 3.3 2.4 1.6 1.0 1.3 2.5 2.6 3.4 4.5 4.2 1.4 0.4 -0.3 4.1 2.8 0.5 4.0 0.2 3.9 3.8 3.6 3.7 2.9 3.8 4.3 5.3 4.0 5.0 3.7 7.3 3.7 H Transportation and storage 1,492 1,487 1,520 0.5 -0.5 1.7 -0.1 -0.6 -0.7 -0.5 0.5 1.5 1.5 3.1 2.4 -0.4 -0.3 -10.7 10.7 1.5 -0.3 0.3 -0.3 3.2 1.6 1.2 2.0 1.4 2.2 9.3 -1.9 1.8 3.3 2.3 4.5 1.2 I Accommodation and food service activities 1,116 1,137 1,170 -1.0 1.4 2.8 2.0 0.3 1.0 2.2 1.1 2.9 3.3 3.8 4.4 1.8 1.7 3.7 1.1 2.4 0.6 0.4 3.0 3.1 2.5 3.3 3.8 2.7 2.8 4.2 4.6 4.5 4.2 4.5 5.6 4.5 J Information and communication 2,157 2,188 2,190 1.0 0.5 2.4 1.1 0.6 -0.2 0.6 1.8 1.4 3.1 3.2 1.8 -0.5 0.2 -0.5 1.9 2.5 0.6 2.2 0.5 2.0 1.9 2.0 3.8 3.5 1.3 3.7 4.5 2.3 3.9 -0.6 5.0 3.3 K Financial and insurance activities 2,367 2,486 2,420 2.1 1.5 3.2 2.0 -0.1 1.9 2.4 2.3 2.4 2.8 5.3 6.3 1.4 -1.2 7.1 1.2 1.8 1.4 3.6 2.6 2.2 2.4 2.9 1.9 3.6 2.7 8.2 4.5 4.4 -0.7 14.7 5.1 4.4 L Real estate activities 1,516 1,509 1,502 -0.7 0.7 1.8 0.4 0.5 0.5 1.2 1.5 2.7 2.5 0.6 1.1 1.2 0.5 -3.9 7.2 1.3 1.6 1.6 3.4 4.5 0.3 1.9 4.1 1.6 0.8 -0.4 1.2 1.0 1.2 1.1 0.5 -1.0 M Professional, scientific and technical activities 1,808 1,856 1,861 0.8 0.8 3.9 1.3 0.7 0.3 1.0 1.4 3.4 4.9 5.8 5.7 0.8 1.1 -0.4 2.4 2.1 0.7 1.5 0.9 4.5 4.9 4.1 5.7 5.0 4.7 6.5 6.0 7.0 5.8 4.3 5.9 4.4 N Administrative and support service activities 1,081 1,115 1,136 0.4 3.4 2.5 3.7 3.8 3.1 2.9 1.0 2.5 2.3 4.2 5.7 2.9 2.4 1.2 5.4 1.9 0.0 1.0 0.8 4.0 2.6 2.6 1.2 3.1 3.6 3.4 5.5 3.9 7.2 6.0 6.6 4.5 O Public administration and defence, compulsory social security 1,948 1,982 1,990 2.1 4.7 4.0 6.8 4.3 5.4 2.3 1.5 4.5 6.0 4.0 4.0 6.6 5.5 3.0 -1.4 1.1 1.6 1.9 4.2 5.1 4.2 7.2 4.7 6.3 3.9 4.9 3.1 4.9 3.5 3.5 2.5 2.5 P Education 1,717 1,727 1,744 -0.2 2.5 1.7 1.8 2.2 2.9 3.0 1.4 1.9 2.3 1.2 1.3 3.5 4.1 2.9 1.8 1.1 1.6 1.4 1.7 1.9 2.3 1.6 1.8 3.3 1.1 1.5 1.0 1.8 1.4 0.9 1.3 0.9 Q Human health and social work activities 1,815 1,849 1,902 0.3 3.1 3.1 3.6 2.2 3.0 3.4 1.0 2.2 3.2 5.9 4.6 3.6 4.9 3.3 2.0 0.9 0.9 1.2 3.1 1.8 1.7 2.2 2.0 5.3 6.0 5.3 6.3 4.9 4.7 4.3 4.9 5.8 R Arts, entertainment and recreation 1,678 1,675 1,694 -0.5 2.3 1.7 1.6 2.4 1.7 3.3 1.9 1.6 3.1 0.1 1.0 2.6 4.1 3.5 2.2 1.1 2.1 2.6 2.9 1.2 1.0 1.8 2.2 5.4 -0.1 -0.8 1.1 1.8 1.2 0.0 1.3 2.7 S Other service activities 1,347 1,351 1,357 -2.2 -0.9 0.9 -0.1 -1.0 -1.0 -1.4 -1.0 1.5 1.3 1.7 1.3 -1.1 -1.5 -2.0 -0.6 -0.8 -0.5 -1.7 0.0 3.3 1.1 1.2 0.6 2.2 2.3 0.9 1.9 1.6 1.1 1.1 1.0 -0.8 Source: SURS, calculations by IMAD. Statistical Appendix 27Slovenian Economic Mirror, No. 5/2018 Wages in EUR 2015 2016 2017 2016 2017 2018 2016 2017 2018 2017 Q1 18 May 18 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,627 1,656 1,663 0.7 1.8 2.7 2.3 1.5 1.7 1.9 1.5 2.3 2.8 3.9 3.6 2.1 1.5 0.5 3.7 2.1 0.5 1.9 1.3 3.4 2.4 2.8 2.7 3.0 3.4 4.1 4.2 4.2 3.6 2.9 4.6 3.1 Private sector activities (A–N; R–S) 1,529 1,599 1,601 0.8 1.3 2.7 1.8 1.1 1.0 1.5 1.6 2.3 2.6 4.1 3.8 1.2 0.3 -0.4 4.8 2.5 0.2 2.1 0.7 3.6 2.4 2.6 2.8 2.4 3.4 4.3 4.6 4.5 3.9 3.1 5.4 3.2 Public service activities (OPQ) 1,786 1,838 1,864 0.6 3.3 2.8 3.9 2.8 3.7 2.9 1.3 2.7 3.6 3.5 3.2 4.4 4.8 3.0 0.9 1.0 1.4 1.5 2.9 2.8 2.6 3.4 2.7 4.8 3.5 3.7 3.3 3.7 3.0 2.7 2.8 3.0 Industry (B–E) 1,584 1,673 1,663 1.7 1.9 3.2 2.2 1.6 1.3 2.5 2.3 2.7 2.6 4.8 4.0 1.7 0.3 0.4 7.1 4.1 0.2 2.6 1.4 4.6 2.1 2.9 2.8 2.2 4.6 3.9 5.9 5.9 4.1 2.1 5.5 3.2 Trad. market services (GHI) 1,399 1,451 1,468 0.9 0.9 2.7 1.6 0.8 0.5 0.8 1.7 2.2 2.8 4.0 3.7 0.9 0.2 -2.9 5.4 2.3 0.2 2.5 0.3 3.5 2.9 2.9 3.2 2.4 3.2 5.5 3.1 3.4 4.4 3.3 6.3 3.1 Other market services (J–N; R–S) 1,698 1,767 1,764 -0.4 0.7 2.1 1.2 0.3 0.5 0.9 0.7 1.7 2.5 3.5 3.8 0.5 0.1 1.2 1.5 0.9 0.1 1.0 0.4 2.4 2.1 2.1 2.3 3.1 2.2 3.7 4.5 3.6 3.0 4.7 4.6 3.3 A Agriculture, forestry and fishing 1,312 1,311 1,382 0.2 -0.4 0.2 2.2 -0.8 0.7 -3.3 0.2 0.3 -1.2 1.5 1.1 -0.3 0.2 -7.1 -2.5 -0.6 -0.7 1.7 -0.5 2.1 -0.6 -3.2 1.1 -1.5 1.5 1.1 1.9 4.7 1.9 -2.9 6.9 5.7 B Mining and quarrying 2,082 2,332 2,255 -5.9 2.7 1.2 1.1 1.6 2.4 5.6 4.2 3.2 0.5 -2.8 12.6 4.9 4.9 7.3 4.7 6.5 6.7 -0.3 6.4 1.9 1.5 2.0 -1.0 0.5 -2.3 -3.5 -2.8 28.5 2.7 6.5 6.7 10.9 C Manufacturing 1,597 1,638 1,625 2.1 2.1 3.2 2.4 1.7 1.5 2.8 2.2 2.7 2.8 5.0 4.2 1.8 0.2 0.8 7.5 4.1 -0.2 2.7 1.4 4.5 2.2 3.2 2.8 2.3 5.3 4.1 5.7 5.9 4.5 2.4 5.6 3.5 D Electricity, gas, steam and air conditioning supply 2,449 2,417 2,455 -1.0 1.3 4.3 2.3 1.9 0.0 0.9 4.2 3.1 3.6 6.2 1.5 1.8 3.5 -5.4 6.0 3.9 6.2 2.6 1.9 8.5 -0.7 0.9 6.2 3.7 0.1 2.9 15.5 4.7 -0.5 0.6 5.0 0.7 E Water supply sewerage, waste management and remediation activities 1,577 1,581 1,612 1.5 1.9 3.5 2.3 2.6 1.7 1.2 4.2 4.0 1.4 4.2 2.2 2.3 -0.9 -0.1 4.7 6.3 2.1 4.3 1.9 4.1 5.8 2.2 1.7 0.3 2.3 6.8 3.3 2.3 4.6 -0.1 3.5 2.8 F Constrution 1,238 1,258 1,292 -0.2 1.3 2.7 1.5 1.5 1.9 0.4 1.1 2.7 2.3 4.4 4.8 1.8 0.3 -1.2 2.2 1.2 -0.3 2.4 -0.2 4.4 3.8 2.8 3.0 1.1 4.5 4.2 4.5 6.6 5.8 2.2 6.8 3.5 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,485 1,514 1,520 1.4 1.6 3.3 2.4 1.6 1.0 1.3 2.5 2.6 3.4 4.5 4.2 1.4 0.4 -0.3 4.1 2.8 0.5 4.0 0.2 3.9 3.8 3.6 3.7 2.9 3.8 4.3 5.3 4.0 5.0 3.7 7.3 3.7 H Transportation and storage 1,492 1,487 1,520 0.5 -0.5 1.7 -0.1 -0.6 -0.7 -0.5 0.5 1.5 1.5 3.1 2.4 -0.4 -0.3 -10.7 10.7 1.5 -0.3 0.3 -0.3 3.2 1.6 1.2 2.0 1.4 2.2 9.3 -1.9 1.8 3.3 2.3 4.5 1.2 I Accommodation and food service activities 1,116 1,137 1,170 -1.0 1.4 2.8 2.0 0.3 1.0 2.2 1.1 2.9 3.3 3.8 4.4 1.8 1.7 3.7 1.1 2.4 0.6 0.4 3.0 3.1 2.5 3.3 3.8 2.7 2.8 4.2 4.6 4.5 4.2 4.5 5.6 4.5 J Information and communication 2,157 2,188 2,190 1.0 0.5 2.4 1.1 0.6 -0.2 0.6 1.8 1.4 3.1 3.2 1.8 -0.5 0.2 -0.5 1.9 2.5 0.6 2.2 0.5 2.0 1.9 2.0 3.8 3.5 1.3 3.7 4.5 2.3 3.9 -0.6 5.0 3.3 K Financial and insurance activities 2,367 2,486 2,420 2.1 1.5 3.2 2.0 -0.1 1.9 2.4 2.3 2.4 2.8 5.3 6.3 1.4 -1.2 7.1 1.2 1.8 1.4 3.6 2.6 2.2 2.4 2.9 1.9 3.6 2.7 8.2 4.5 4.4 -0.7 14.7 5.1 4.4 L Real estate activities 1,516 1,509 1,502 -0.7 0.7 1.8 0.4 0.5 0.5 1.2 1.5 2.7 2.5 0.6 1.1 1.2 0.5 -3.9 7.2 1.3 1.6 1.6 3.4 4.5 0.3 1.9 4.1 1.6 0.8 -0.4 1.2 1.0 1.2 1.1 0.5 -1.0 M Professional, scientific and technical activities 1,808 1,856 1,861 0.8 0.8 3.9 1.3 0.7 0.3 1.0 1.4 3.4 4.9 5.8 5.7 0.8 1.1 -0.4 2.4 2.1 0.7 1.5 0.9 4.5 4.9 4.1 5.7 5.0 4.7 6.5 6.0 7.0 5.8 4.3 5.9 4.4 N Administrative and support service activities 1,081 1,115 1,136 0.4 3.4 2.5 3.7 3.8 3.1 2.9 1.0 2.5 2.3 4.2 5.7 2.9 2.4 1.2 5.4 1.9 0.0 1.0 0.8 4.0 2.6 2.6 1.2 3.1 3.6 3.4 5.5 3.9 7.2 6.0 6.6 4.5 O Public administration and defence, compulsory social security 1,948 1,982 1,990 2.1 4.7 4.0 6.8 4.3 5.4 2.3 1.5 4.5 6.0 4.0 4.0 6.6 5.5 3.0 -1.4 1.1 1.6 1.9 4.2 5.1 4.2 7.2 4.7 6.3 3.9 4.9 3.1 4.9 3.5 3.5 2.5 2.5 P Education 1,717 1,727 1,744 -0.2 2.5 1.7 1.8 2.2 2.9 3.0 1.4 1.9 2.3 1.2 1.3 3.5 4.1 2.9 1.8 1.1 1.6 1.4 1.7 1.9 2.3 1.6 1.8 3.3 1.1 1.5 1.0 1.8 1.4 0.9 1.3 0.9 Q Human health and social work activities 1,815 1,849 1,902 0.3 3.1 3.1 3.6 2.2 3.0 3.4 1.0 2.2 3.2 5.9 4.6 3.6 4.9 3.3 2.0 0.9 0.9 1.2 3.1 1.8 1.7 2.2 2.0 5.3 6.0 5.3 6.3 4.9 4.7 4.3 4.9 5.8 R Arts, entertainment and recreation 1,678 1,675 1,694 -0.5 2.3 1.7 1.6 2.4 1.7 3.3 1.9 1.6 3.1 0.1 1.0 2.6 4.1 3.5 2.2 1.1 2.1 2.6 2.9 1.2 1.0 1.8 2.2 5.4 -0.1 -0.8 1.1 1.8 1.2 0.0 1.3 2.7 S Other service activities 1,347 1,351 1,357 -2.2 -0.9 0.9 -0.1 -1.0 -1.0 -1.4 -1.0 1.5 1.3 1.7 1.3 -1.1 -1.5 -2.0 -0.6 -0.8 -0.5 -1.7 0.0 3.3 1.1 1.2 0.6 2.2 2.3 0.9 1.9 1.6 1.1 1.1 1.0 -0.8 Source: SURS, calculations by IMAD. Statistical Appendix28 Slovenian Economic Mirror, No. 5/2018 Prices and indicators of overall competitiveness 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 CPI, y-o-y growth rates, % -0.5 0.5 1.7 -0.7 -0.2 0.1 0.6 1.8 1.4 1.2 1.3 1.3 0.3 0.2 0 0.2 0.6 0.6 0.5 1.3 2.2 1.9 1.8 1.5 0.9 1.0 1.2 1.4 1.0 1.2 1.7 1.5 1.2 1.2 1.5 2.0 2.1 Food, non-alcoholic beverages 0.9 1.7 2.9 0.4 0.2 1.3 1.7 2.9 1.9 1.6 2.4 3.0 1.1 1.3 1.4 1.1 2.1 1.3 1.7 2.8 3.6 2.4 1.8 2.6 1.3 1.5 1.4 2.0 1.7 2.7 2.9 2.9 2.4 3.6 3.7 3.4 3.3 Alcoholic beverages, tobacco 1.9 0.4 3.0 0.1 0.3 0.3 0.3 1.3 1.8 2.8 3.0 2.6 0.5 0.4 0.2 0.4 0.3 0.1 0.4 0.0 1.8 2.1 1.9 1.9 1.6 2.8 2.9 2.8 2.9 3.1 3.0 3.6 2.1 2.2 2.2 2.7 2.5 Clothing and footwear -0.9 -2.9 1.3 0.5 0.6 -1.7 -0.5 -0.9 0.6 2.4 -1.0 0.1 0.4 -1.4 -0.9 -2.8 1.8 -0.3 -2.9 -1.8 -0.5 -0.3 1.0 0.6 0.3 3.4 1.2 2.7 -2.4 -1.8 1.3 0.1 1.5 -1.2 -1.7 -1.4 -1.8 Housing, water, electricity, gas -1.3 -0.1 3.6 -1.1 -1.3 -1.0 -0.5 2.5 2.6 2.0 3.1 3.1 -1.2 -0.4 -1.4 -1.1 -1.2 -0.3 -0.1 1.4 2.9 3.1 2.8 2.6 2.4 1.5 2.2 2.3 2.8 2.9 3.6 3.8 2.9 2.5 3.2 3.3 3.4 Furnishing, household equipm. -1.2 0.9 0.4 0.0 0.2 0.2 0.5 0.4 -0.2 -0.5 0.2 0.2 0.5 0.1 0.5 0.1 -0.3 0.8 0.9 0.3 0.1 0.7 -0.3 0.1 -0.4 -0.3 -1.0 -0.2 0.5 -0.3 0.4 0.7 -0.2 0.2 1.6 1.4 1.4 Medical, pharmaceutical produ. 0.5 0.8 0.2 0.2 0.5 0.5 0.7 0.8 0.5 0.0 0.3 1.0 1.1 0.6 0.5 0.4 0.6 0.7 0.8 0.7 0.9 0.9 0.8 0.7 -0.1 -0.3 -0.2 0.4 0.5 0.3 0.2 0.5 0.6 2.0 1.9 1.7 1.4 Transport -5.1 -0.1 1.6 -5.4 -4.8 -3.1 -0.3 3.9 1.8 0.7 1.2 -0.2 -4 -3.8 -4.5 -0.9 -1 0.1 -0.1 3.3 4.3 4.0 3.1 2.2 0.1 0.0 1.5 0.6 0.8 1.1 1.6 0.0 0.2 -0.7 -0.3 0.5 2.2 Communications 1.1 2.9 -2.3 4.0 5.2 2.6 2.2 2.8 1.1 -0.8 -1.8 -1.6 6 2.3 2.2 3.4 2 1.8 2.9 3.0 3.4 2.1 2.9 -0.4 0.7 -0.1 -0.2 -2.1 -1.7 -1.5 -2.3 -1.3 -2.5 -1.0 -1.5 1.5 0.6 Recreation and culture 1.0 0.2 0.8 -2.0 0.8 1.7 0.5 0.0 0.4 0.8 0.4 -0.6 1.7 2.7 2.3 0.2 0.5 0.9 0.2 -0.9 1.5 -0.5 0.4 0.2 0.6 0.3 0.7 1.5 0.4 0.0 0.8 -0.5 -0.3 -1.0 1.1 2.8 1.6 Education 0.6 0.3 3.7 0.1 0.0 0.0 0.3 0.5 0.5 0.5 3.8 3.9 0 0 0 -0.1 0.3 0.2 0.3 0.3 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.6 3.8 3.8 3.7 4.0 3.9 3.9 3.9 4.1 4.4 Catering services 0.5 1.0 1.6 1.7 2.1 2.8 1.4 0.8 1.5 2.0 1.6 2.6 2.3 2.7 3.1 2.5 2.4 0.9 1.0 0.8 0.8 0.9 1.2 1.7 1.6 2.1 2.1 1.8 1.7 1.5 1.6 2.7 2.5 2.5 2.4 2.6 2.6 Miscellaneous goods & services 1.4 1.6 1.3 0.5 1.0 1.5 1.5 1.8 1.3 1.4 1.2 1.5 1.2 1.3 1.7 1.6 1.6 1.4 1.6 1.6 1.9 2.0 1.9 1.1 1.0 1.2 1.5 1.4 1.2 1.2 1.3 1.7 1.4 1.4 1.5 2.0 2.1 HICP -0.8 0.6 1.9 -0.9 -0.4 0.0 0.7 2.0 1.4 1.3 1.5 1.5 0.1 -0.1 -0.2 0.2 0.7 0.7 0.6 1.5 2.5 2.0 1.7 1.5 0.9 1.2 1.4 1.4 1.3 1.4 1.9 1.7 1.4 1.5 1.9 2.2 2.3 Core inflation (excluding fresh food and energy) 0.7 0.4 0.9 0.3 1.2 0.9 0.6 0.7 0.9 0.9 0.6 0.6 1.6 1.2 1.1 0.5 0.8 0.6 0.4 0.2 1.0 0.8 1.2 0.8 0.7 1.0 0.8 0.9 0.4 0.5 0.9 0.9 0.5 0.4 0.5 1.2 PRODUCER PRICE INDICES, y-o-y growth rates, % Total -0.2 0.5 2.2 -1.8 -2.2 -1.3 -0.1 1.7 2.3 2.3 2.3 2.2 -2.0 -1.8 -1.4 -0.9 -0.6 -0.2 0.5 1.3 1.9 1.9 2.3 2.4 2.2 2.3 2.3 2.3 2.3 2.5 2.2 2.2 2.1 2.2 2.0 1.9 Domestic market -0.5 -0.2 1.8 -1.6 -1.9 -1.5 -0.4 0.6 1.3 1.5 1.9 2.1 -1.8 -1.7 -1.6 -1.1 -0.2 -0.7 -0.2 0.3 0.7 0.9 1.3 1.5 1.2 1.4 1.5 1.6 1.8 2.1 1.8 1.8 2.1 2.5 2.1 1.7 Non-domestic market 0.1 1.2 2.6 -2.0 -2.6 -1.2 0.5 2.8 3.2 3.1 2.7 2.2 -2.2 -1.8 -1.3 -0.6 0.0 0.4 1.2 2.3 3.0 3.0 3.2 3.2 3.1 3.2 3.2 3.0 2.8 2.8 2.6 2.7 2.1 1.9 1.8 2.2 Euro area 0.1 0.6 2.3 -2.3 -2.5 -1.9 0.1 2.1 2.6 2.8 2.2 2.1 -2.3 -2.3 -2 -1.3 -0.4 0.1 0.6 1.5 2.1 2.5 2.5 2.7 2.5 2.9 2.9 2.6 2.2 2.2 2.3 2.3 2.1 1.9 2.2 2.4 Non-euro area -0.1 2.3 3.6 -1.4 -2.6 0.1 1.3 4.4 4.6 3.9 4.0 2.6 -1.8 -0.7 0.3 0.8 0.8 0.8 2.3 3.9 5.1 4.0 4.7 4.6 4.5 4.1 3.7 4.0 4.1 4.2 3.6 3.6 2.0 2.1 1.0 1.7 Import price indices -0.7 2.7 1.6 -2.2 -2.3 -1.7 0.9 4.8 3.8 2.4 2.4 0.5 -1.7 -1.8 -1.9 -1.4 0.1 0.1 2.7 4.5 5.3 4.7 4.9 4.0 2.5 1.9 2.7 2.7 2.7 3.0 1.6 0.6 0.4 0.4 1.1 2.1 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -3.1 1.0 0.5 0.6 1.6 0.8 0.8 -0.2 -0.1 1.1 1.2 1.6 1.1 1.3 0.6 0.4 0.5 1.3 0.5 0.0 -0.6 -0.1 -0.4 -0.1 0.2 0.8 1.2 1.2 1.1 1.1 1.3 1.4 1.8 1.7 1.6 0.7 0.5 Real (deflator HICP) -4.1 0.3 0.4 -0.6 1.0 0.3 0.5 0.0 -0.2 0.7 1.0 1.6 0.9 0.9 0.1 0.0 0.5 1.1 -0.1 -0.2 -0.1 0.2 -0.4 -0.1 -0.3 0.4 0.8 0.9 0.7 0.8 1.6 1.6 1.7 1.6 1.9 0.9 1.0 Real (deflator ULC) -3.6 0.8 -0.7 1.0 2.6 0.2 -0.4 -2.0 -1.4 0.4 0.4 USD / EUR 1.1096 1.1066 1.1293 1.1018 1.1293 1.1164 1.0789 1.0647 1.1003 1.1744 1.1777 1.2295 1.1229 1.1069 1.1212 1.1212 1.1026 1.0799 1.0543 1.0614 1.0643 1.0685 1.0723 1.1058 1.1229 1.1511 1.1807 1.1915 1.1756 1.1738 1.1836 1.22 1.2348 1.2336 1.2276 1.1812 1.1678 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 19 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix 29Slovenian Economic Mirror, No. 5/2018 Prices and indicators of overall competitiveness 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 CPI, y-o-y growth rates, % -0.5 0.5 1.7 -0.7 -0.2 0.1 0.6 1.8 1.4 1.2 1.3 1.3 0.3 0.2 0 0.2 0.6 0.6 0.5 1.3 2.2 1.9 1.8 1.5 0.9 1.0 1.2 1.4 1.0 1.2 1.7 1.5 1.2 1.2 1.5 2.0 2.1 Food, non-alcoholic beverages 0.9 1.7 2.9 0.4 0.2 1.3 1.7 2.9 1.9 1.6 2.4 3.0 1.1 1.3 1.4 1.1 2.1 1.3 1.7 2.8 3.6 2.4 1.8 2.6 1.3 1.5 1.4 2.0 1.7 2.7 2.9 2.9 2.4 3.6 3.7 3.4 3.3 Alcoholic beverages, tobacco 1.9 0.4 3.0 0.1 0.3 0.3 0.3 1.3 1.8 2.8 3.0 2.6 0.5 0.4 0.2 0.4 0.3 0.1 0.4 0.0 1.8 2.1 1.9 1.9 1.6 2.8 2.9 2.8 2.9 3.1 3.0 3.6 2.1 2.2 2.2 2.7 2.5 Clothing and footwear -0.9 -2.9 1.3 0.5 0.6 -1.7 -0.5 -0.9 0.6 2.4 -1.0 0.1 0.4 -1.4 -0.9 -2.8 1.8 -0.3 -2.9 -1.8 -0.5 -0.3 1.0 0.6 0.3 3.4 1.2 2.7 -2.4 -1.8 1.3 0.1 1.5 -1.2 -1.7 -1.4 -1.8 Housing, water, electricity, gas -1.3 -0.1 3.6 -1.1 -1.3 -1.0 -0.5 2.5 2.6 2.0 3.1 3.1 -1.2 -0.4 -1.4 -1.1 -1.2 -0.3 -0.1 1.4 2.9 3.1 2.8 2.6 2.4 1.5 2.2 2.3 2.8 2.9 3.6 3.8 2.9 2.5 3.2 3.3 3.4 Furnishing, household equipm. -1.2 0.9 0.4 0.0 0.2 0.2 0.5 0.4 -0.2 -0.5 0.2 0.2 0.5 0.1 0.5 0.1 -0.3 0.8 0.9 0.3 0.1 0.7 -0.3 0.1 -0.4 -0.3 -1.0 -0.2 0.5 -0.3 0.4 0.7 -0.2 0.2 1.6 1.4 1.4 Medical, pharmaceutical produ. 0.5 0.8 0.2 0.2 0.5 0.5 0.7 0.8 0.5 0.0 0.3 1.0 1.1 0.6 0.5 0.4 0.6 0.7 0.8 0.7 0.9 0.9 0.8 0.7 -0.1 -0.3 -0.2 0.4 0.5 0.3 0.2 0.5 0.6 2.0 1.9 1.7 1.4 Transport -5.1 -0.1 1.6 -5.4 -4.8 -3.1 -0.3 3.9 1.8 0.7 1.2 -0.2 -4 -3.8 -4.5 -0.9 -1 0.1 -0.1 3.3 4.3 4.0 3.1 2.2 0.1 0.0 1.5 0.6 0.8 1.1 1.6 0.0 0.2 -0.7 -0.3 0.5 2.2 Communications 1.1 2.9 -2.3 4.0 5.2 2.6 2.2 2.8 1.1 -0.8 -1.8 -1.6 6 2.3 2.2 3.4 2 1.8 2.9 3.0 3.4 2.1 2.9 -0.4 0.7 -0.1 -0.2 -2.1 -1.7 -1.5 -2.3 -1.3 -2.5 -1.0 -1.5 1.5 0.6 Recreation and culture 1.0 0.2 0.8 -2.0 0.8 1.7 0.5 0.0 0.4 0.8 0.4 -0.6 1.7 2.7 2.3 0.2 0.5 0.9 0.2 -0.9 1.5 -0.5 0.4 0.2 0.6 0.3 0.7 1.5 0.4 0.0 0.8 -0.5 -0.3 -1.0 1.1 2.8 1.6 Education 0.6 0.3 3.7 0.1 0.0 0.0 0.3 0.5 0.5 0.5 3.8 3.9 0 0 0 -0.1 0.3 0.2 0.3 0.3 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.6 3.8 3.8 3.7 4.0 3.9 3.9 3.9 4.1 4.4 Catering services 0.5 1.0 1.6 1.7 2.1 2.8 1.4 0.8 1.5 2.0 1.6 2.6 2.3 2.7 3.1 2.5 2.4 0.9 1.0 0.8 0.8 0.9 1.2 1.7 1.6 2.1 2.1 1.8 1.7 1.5 1.6 2.7 2.5 2.5 2.4 2.6 2.6 Miscellaneous goods & services 1.4 1.6 1.3 0.5 1.0 1.5 1.5 1.8 1.3 1.4 1.2 1.5 1.2 1.3 1.7 1.6 1.6 1.4 1.6 1.6 1.9 2.0 1.9 1.1 1.0 1.2 1.5 1.4 1.2 1.2 1.3 1.7 1.4 1.4 1.5 2.0 2.1 HICP -0.8 0.6 1.9 -0.9 -0.4 0.0 0.7 2.0 1.4 1.3 1.5 1.5 0.1 -0.1 -0.2 0.2 0.7 0.7 0.6 1.5 2.5 2.0 1.7 1.5 0.9 1.2 1.4 1.4 1.3 1.4 1.9 1.7 1.4 1.5 1.9 2.2 2.3 Core inflation (excluding fresh food and energy) 0.7 0.4 0.9 0.3 1.2 0.9 0.6 0.7 0.9 0.9 0.6 0.6 1.6 1.2 1.1 0.5 0.8 0.6 0.4 0.2 1.0 0.8 1.2 0.8 0.7 1.0 0.8 0.9 0.4 0.5 0.9 0.9 0.5 0.4 0.5 1.2 PRODUCER PRICE INDICES, y-o-y growth rates, % Total -0.2 0.5 2.2 -1.8 -2.2 -1.3 -0.1 1.7 2.3 2.3 2.3 2.2 -2.0 -1.8 -1.4 -0.9 -0.6 -0.2 0.5 1.3 1.9 1.9 2.3 2.4 2.2 2.3 2.3 2.3 2.3 2.5 2.2 2.2 2.1 2.2 2.0 1.9 Domestic market -0.5 -0.2 1.8 -1.6 -1.9 -1.5 -0.4 0.6 1.3 1.5 1.9 2.1 -1.8 -1.7 -1.6 -1.1 -0.2 -0.7 -0.2 0.3 0.7 0.9 1.3 1.5 1.2 1.4 1.5 1.6 1.8 2.1 1.8 1.8 2.1 2.5 2.1 1.7 Non-domestic market 0.1 1.2 2.6 -2.0 -2.6 -1.2 0.5 2.8 3.2 3.1 2.7 2.2 -2.2 -1.8 -1.3 -0.6 0.0 0.4 1.2 2.3 3.0 3.0 3.2 3.2 3.1 3.2 3.2 3.0 2.8 2.8 2.6 2.7 2.1 1.9 1.8 2.2 Euro area 0.1 0.6 2.3 -2.3 -2.5 -1.9 0.1 2.1 2.6 2.8 2.2 2.1 -2.3 -2.3 -2 -1.3 -0.4 0.1 0.6 1.5 2.1 2.5 2.5 2.7 2.5 2.9 2.9 2.6 2.2 2.2 2.3 2.3 2.1 1.9 2.2 2.4 Non-euro area -0.1 2.3 3.6 -1.4 -2.6 0.1 1.3 4.4 4.6 3.9 4.0 2.6 -1.8 -0.7 0.3 0.8 0.8 0.8 2.3 3.9 5.1 4.0 4.7 4.6 4.5 4.1 3.7 4.0 4.1 4.2 3.6 3.6 2.0 2.1 1.0 1.7 Import price indices -0.7 2.7 1.6 -2.2 -2.3 -1.7 0.9 4.8 3.8 2.4 2.4 0.5 -1.7 -1.8 -1.9 -1.4 0.1 0.1 2.7 4.5 5.3 4.7 4.9 4.0 2.5 1.9 2.7 2.7 2.7 3.0 1.6 0.6 0.4 0.4 1.1 2.1 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -3.1 1.0 0.5 0.6 1.6 0.8 0.8 -0.2 -0.1 1.1 1.2 1.6 1.1 1.3 0.6 0.4 0.5 1.3 0.5 0.0 -0.6 -0.1 -0.4 -0.1 0.2 0.8 1.2 1.2 1.1 1.1 1.3 1.4 1.8 1.7 1.6 0.7 0.5 Real (deflator HICP) -4.1 0.3 0.4 -0.6 1.0 0.3 0.5 0.0 -0.2 0.7 1.0 1.6 0.9 0.9 0.1 0.0 0.5 1.1 -0.1 -0.2 -0.1 0.2 -0.4 -0.1 -0.3 0.4 0.8 0.9 0.7 0.8 1.6 1.6 1.7 1.6 1.9 0.9 1.0 Real (deflator ULC) -3.6 0.8 -0.7 1.0 2.6 0.2 -0.4 -2.0 -1.4 0.4 0.4 USD / EUR 1.1096 1.1066 1.1293 1.1018 1.1293 1.1164 1.0789 1.0647 1.1003 1.1744 1.1777 1.2295 1.1229 1.1069 1.1212 1.1212 1.1026 1.0799 1.0543 1.0614 1.0643 1.0685 1.0723 1.1058 1.1229 1.1511 1.1807 1.1915 1.1756 1.1738 1.1836 1.22 1.2348 1.2336 1.2276 1.1812 1.1678 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 19 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix30 Slovenian Economic Mirror, No. 5/2018 Balance of payments 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 1,760 2,224 3,077 706 562 584 372 764 653 1,001 660 703 164 201 135 94 355 262 78 32 262 260 241 257 117 279 316 213 471 450 57 153 248 157 299 351 248 Goods 1,476 1,536 1,561 484 449 376 227 362 421 479 299 363 117 189 145 5 226 134 43 49 88 100 174 151 69 200 174 32 274 235 51 14 86 77 200 176 78 Exports 24,039 24,991 28,462 6,065 6,400 6,119 6,407 6,868 7,131 7,035 7,428 7,547 2,103 2,207 2,073 1,744 2,302 2,163 2,225 2,018 2,120 2,154 2,595 2,203 2,416 2,513 2,347 2,075 2,612 2,639 2,576 2,213 2,395 2,369 2,783 2,501 2,657 Imports 22,563 23,454 26,901 5,581 5,950 5,743 6,180 6,507 6,711 6,556 7,128 7,184 1,985 2,018 1,928 1,739 2,076 2,029 2,182 1,969 2,032 2,054 2,421 2,052 2,346 2,313 2,174 2,044 2,338 2,404 2,525 2,199 2,310 2,292 2,582 2,325 2,579 Services 1,930 2,251 2,719 487 546 675 544 602 686 804 627 609 175 178 182 246 247 233 161 150 195 182 224 252 203 231 240 300 264 282 147 199 222 163 225 272 241 Exports 5,936 6,487 7,275 1,389 1,549 1,832 1,717 1,557 1,761 2,069 1,888 1,665 496 539 589 634 609 580 541 596 493 497 567 587 565 610 687 717 665 658 564 666 547 503 615 671 611 Imports 4,007 4,236 4,556 902 1,003 1,157 1,173 956 1,075 1,265 1,261 1,056 321 361 407 389 362 347 380 446 297 315 343 335 362 379 447 417 401 376 416 468 326 341 390 399 369 Primary income -1,294 -1,215 -926 -141 -373 -361 -340 -112 -368 -220 -226 -155 -102 -153 -151 -128 -82 -88 -104 -148 6 10 -129 -113 -135 -119 -62 -100 -58 -52 -122 -52 -40 -28 -88 -76 -56 Receipts 1,314 1,487 1,669 443 364 349 331 449 438 365 417 491 116 138 99 112 138 98 105 129 184 162 103 131 157 149 134 104 127 125 137 154 173 181 137 137 161 Expenditures 2,608 2,702 2,596 585 737 710 671 561 806 586 643 646 219 292 250 240 219 186 209 276 178 152 231 245 292 269 196 204 186 177 260 206 213 209 225 212 217 Secondary income -352 -349 -276 -124 -61 -105 -59 -88 -86 -62 -41 -114 -26 -14 -40 -29 -36 -17 -22 -19 -28 -32 -27 -33 -20 -33 -36 -18 -8 -15 -19 -7 -20 -55 -39 -21 -16 Receipts 735 724 838 158 177 179 210 187 203 207 241 191 55 59 61 58 61 71 66 74 65 61 61 69 71 63 64 67 76 77 74 90 63 61 66 78 66 Expenditures 1,087 1,073 1,115 282 237 284 269 275 289 269 282 305 81 73 101 86 97 88 88 93 93 93 89 102 92 96 100 85 84 91 94 98 83 116 105 99 82 Capital account 412 -303 -324 -53 -89 -54 -107 -142 -65 -59 -59 -40 -19 -27 -22 -12 -20 8 -35 -79 -11 -17 -113 -15 -18 -31 -141 91 -9 31 -5 -85 -12 -14 -14 -7 -7 Financial account 1,710 1,153 1,754 342 229 430 152 453 590 608 103 575 392 -42 286 -161 305 -1,284 1,825 -388 469 122 -138 189 165 236 88 181 339 332 -21 -208 463 279 -167 222 498 Direct investment -1,269 -864 -414 -291 -375 -298 99 -179 76 -101 -211 -115 28 -25 -69 -199 -30 59 -77 118 82 -45 -216 60 -14 30 69 -29 -141 99 -139 -170 -11 -76 -29 -37 -24 Assets 292 434 551 164 71 56 143 174 266 96 16 247 31 12 134 -107 29 129 -65 78 57 82 36 134 35 96 86 -124 133 171 -107 -48 33 116 99 -11 -66 Liabilities 1,560 1,298 966 455 446 353 44 354 190 196 226 363 3 37 203 92 58 70 12 -39 -25 126 252 75 49 66 17 -95 274 72 32 122 44 191 127 26 -41 Portfolio investment 2,940 5,094 2,958 588 1,103 705 2,697 -326 526 662 2,095 -1,335 507 118 322 332 52 575 1,455 667 -666 315 25 359 -300 468 402 257 3 1,067 423 605 -1,468 309 -175 314 1,275 Financial derivatives -98 -216 -248 -30 -108 -34 -45 -73 -118 -24 -33 6 -33 -48 8 -21 -21 -23 -12 -9 -6 -32 -35 -36 -37 -44 -11 -5 -8 -10 -12 -10 5 4 -3 -1 1 Other investment 250 -2,764 -630 64 -351 106 -2,583 989 73 45 -1,737 2,030 -112 -74 43 -255 318 -1,894 492 -1,181 1,032 -71 28 -191 514 -250 -382 -56 482 -838 -256 -643 1,941 77 13 -48 -755 Assets -650 -2,340 -1,584 64 -637 -1,078 -690 -30 -343 -1,143 -69 670 39 302 -41 -940 -97 -521 316 -485 -6 235 -259 296 -356 -283 -435 -302 -405 -112 54 -10 304 48 318 -140 32 Other equity 10 0 -1 1 -1 2 -2 0 -1 0 0 1 0 0 0 1 0 0 0 -2 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 Currency and deposits -516 -2,205 -2,190 -325 -578 -1,020 -282 -626 -460 -1,290 186 142 131 182 -2 -736 -282 -705 412 10 -276 14 -365 311 -428 -343 -455 -154 -681 -222 64 343 189 -240 193 8 -19 Loans -408 -203 -115 10 -67 -36 -111 -49 6 -38 -35 -6 -38 2 -21 -15 0 -22 -27 -62 -24 -27 2 -22 26 2 -8 -17 -13 14 -17 -32 2 14 -22 8 28 Insurance, pension schemes, and standardised guarantee schemes -8 10 5 7 2 0 1 3 -1 3 0 0 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 Trade credit and advances -5 156 599 316 119 -72 -206 517 161 110 -189 447 4 118 -33 -205 166 145 2 -353 193 189 135 74 1 85 24 -174 261 118 11 -318 62 133 251 -49 -21 Other assets 277 -97 119 54 -112 49 -88 126 -49 73 -31 87 -59 -1 15 15 19 61 -72 -77 100 57 -32 -67 44 -26 3 42 27 -23 -4 -4 51 140 -104 -107 44 Liabilities -900 423 -954 0 -285 -1,184 1,893 -1,019 -416 -1,187 1,668 -1,361 152 375 -84 -685 -415 1,374 -176 696 -1,038 306 -286 487 -870 -33 -53 -246 -888 726 309 633 -1,636 -29 304 -92 787 Other equity 11 4 20 0 4 0 0 0 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20 0 0 0 0 0 0 0 0 0 0 0 0 Currency and deposits -400 1,175 438 548 -320 -406 1,353 -856 60 -410 1,644 -1,239 187 228 101 -333 -174 691 -12 673 -915 177 -118 576 -574 58 176 76 -662 695 231 718 -1,339 -123 222 -55 388 Loans -315 -818 -1,854 -495 -123 -533 334 -391 -507 -695 -262 -245 -101 73 -99 -310 -124 395 -117 56 -75 17 -333 -49 -313 -144 -167 -300 -227 -115 -127 -19 -165 -18 -61 49 76 Insurance, pension schemes, and standardised guarantee schemes 3 -8 5 11 12 -28 -3 19 -8 2 -8 0 4 4 -9 -9 -9 -1 -1 -1 6 6 6 -3 -3 -3 1 1 1 -3 -3 -3 0 0 0 0 0 Trade credit and advances -100 137 410 -78 153 -170 233 191 53 -57 223 112 76 78 -68 -141 39 156 80 -4 -50 110 131 -7 -14 74 -50 -95 89 151 135 -63 -184 69 227 -15 -4 Other liabilities -99 -67 26 15 -12 -46 -24 18 -34 -28 70 11 -15 -8 -8 108 -146 132 -127 -29 -5 -5 28 -30 13 -17 -12 73 -88 -3 74 -1 52 43 -84 -70 327 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets -113 -97 89 10 -40 -50 -17 43 33 25 -12 -12 2 -13 -18 -18 -15 0 -33 17 27 -45 61 -2 2 33 10 14 2 14 -36 11 -4 -34 26 -6 1 Net errors and omissions -462 -768 -999 -311 -244 -100 -113 -169 1 -334 -498 -88 246 -216 172 -243 -30 -1,554 1,783 -341 218 -120 -266 -53 66 -12 -87 -123 -124 -150 -72 -275 227 136 -452 -122 257 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 2,596 2,781 3,201 644 691 674 772 746 791 786 877 851 231 234 231 191 251 248 259 265 228 229 289 240 275 275 266 220 300 311 284 282 247 276 327 278 N/A Intermediate goods 13,355 13,731 15,335 3,371 3,544 3,360 3,456 3,826 3,864 3,746 3,898 4,079 1,171 1,196 1,113 1,005 1,242 1,204 1,223 1,029 1,213 1,195 1,418 1,199 1,345 1,320 1,261 1,118 1,367 1,389 1,403 1,106 1,314 1,305 1,461 1,333 N/A Consumer goods 7,989 8,459 9,730 2,057 2,178 2,058 2,166 2,260 2,431 2,444 2,594 2,621 699 787 723 535 800 709 735 721 665 700 895 742 783 906 811 706 928 907 876 811 824 807 990 871 N/A Import of investment goods 2,968 3,292 3,660 724 830 796 941 845 892 858 1,066 1,007 267 286 309 223 263 299 315 327 261 267 317 263 305 324 276 274 308 345 364 357 353 304 350 308 N/A Intermediate goods 13,803 13,792 16,185 3,330 3,542 3,361 3,559 3,959 4,021 3,943 4,262 4,304 1,206 1,200 1,130 1,000 1,231 1,165 1,280 1,113 1,272 1,237 1,451 1,220 1,399 1,403 1,327 1,231 1,385 1,439 1,525 1,298 1,379 1,378 1,547 1,390 N/A Consumer goods 6,534 7,028 7,761 1,695 1,756 1,734 1,843 1,897 1,968 1,919 1,977 2,064 575 586 547 551 636 619 650 574 559 613 724 617 706 646 634 599 687 683 701 593 640 671 753 689 N/A Sources: BS, SURS, Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund, Statistical Appendix 31Slovenian Economic Mirror, No. 5/2018 Balance of payments 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 1,760 2,224 3,077 706 562 584 372 764 653 1,001 660 703 164 201 135 94 355 262 78 32 262 260 241 257 117 279 316 213 471 450 57 153 248 157 299 351 248 Goods 1,476 1,536 1,561 484 449 376 227 362 421 479 299 363 117 189 145 5 226 134 43 49 88 100 174 151 69 200 174 32 274 235 51 14 86 77 200 176 78 Exports 24,039 24,991 28,462 6,065 6,400 6,119 6,407 6,868 7,131 7,035 7,428 7,547 2,103 2,207 2,073 1,744 2,302 2,163 2,225 2,018 2,120 2,154 2,595 2,203 2,416 2,513 2,347 2,075 2,612 2,639 2,576 2,213 2,395 2,369 2,783 2,501 2,657 Imports 22,563 23,454 26,901 5,581 5,950 5,743 6,180 6,507 6,711 6,556 7,128 7,184 1,985 2,018 1,928 1,739 2,076 2,029 2,182 1,969 2,032 2,054 2,421 2,052 2,346 2,313 2,174 2,044 2,338 2,404 2,525 2,199 2,310 2,292 2,582 2,325 2,579 Services 1,930 2,251 2,719 487 546 675 544 602 686 804 627 609 175 178 182 246 247 233 161 150 195 182 224 252 203 231 240 300 264 282 147 199 222 163 225 272 241 Exports 5,936 6,487 7,275 1,389 1,549 1,832 1,717 1,557 1,761 2,069 1,888 1,665 496 539 589 634 609 580 541 596 493 497 567 587 565 610 687 717 665 658 564 666 547 503 615 671 611 Imports 4,007 4,236 4,556 902 1,003 1,157 1,173 956 1,075 1,265 1,261 1,056 321 361 407 389 362 347 380 446 297 315 343 335 362 379 447 417 401 376 416 468 326 341 390 399 369 Primary income -1,294 -1,215 -926 -141 -373 -361 -340 -112 -368 -220 -226 -155 -102 -153 -151 -128 -82 -88 -104 -148 6 10 -129 -113 -135 -119 -62 -100 -58 -52 -122 -52 -40 -28 -88 -76 -56 Receipts 1,314 1,487 1,669 443 364 349 331 449 438 365 417 491 116 138 99 112 138 98 105 129 184 162 103 131 157 149 134 104 127 125 137 154 173 181 137 137 161 Expenditures 2,608 2,702 2,596 585 737 710 671 561 806 586 643 646 219 292 250 240 219 186 209 276 178 152 231 245 292 269 196 204 186 177 260 206 213 209 225 212 217 Secondary income -352 -349 -276 -124 -61 -105 -59 -88 -86 -62 -41 -114 -26 -14 -40 -29 -36 -17 -22 -19 -28 -32 -27 -33 -20 -33 -36 -18 -8 -15 -19 -7 -20 -55 -39 -21 -16 Receipts 735 724 838 158 177 179 210 187 203 207 241 191 55 59 61 58 61 71 66 74 65 61 61 69 71 63 64 67 76 77 74 90 63 61 66 78 66 Expenditures 1,087 1,073 1,115 282 237 284 269 275 289 269 282 305 81 73 101 86 97 88 88 93 93 93 89 102 92 96 100 85 84 91 94 98 83 116 105 99 82 Capital account 412 -303 -324 -53 -89 -54 -107 -142 -65 -59 -59 -40 -19 -27 -22 -12 -20 8 -35 -79 -11 -17 -113 -15 -18 -31 -141 91 -9 31 -5 -85 -12 -14 -14 -7 -7 Financial account 1,710 1,153 1,754 342 229 430 152 453 590 608 103 575 392 -42 286 -161 305 -1,284 1,825 -388 469 122 -138 189 165 236 88 181 339 332 -21 -208 463 279 -167 222 498 Direct investment -1,269 -864 -414 -291 -375 -298 99 -179 76 -101 -211 -115 28 -25 -69 -199 -30 59 -77 118 82 -45 -216 60 -14 30 69 -29 -141 99 -139 -170 -11 -76 -29 -37 -24 Assets 292 434 551 164 71 56 143 174 266 96 16 247 31 12 134 -107 29 129 -65 78 57 82 36 134 35 96 86 -124 133 171 -107 -48 33 116 99 -11 -66 Liabilities 1,560 1,298 966 455 446 353 44 354 190 196 226 363 3 37 203 92 58 70 12 -39 -25 126 252 75 49 66 17 -95 274 72 32 122 44 191 127 26 -41 Portfolio investment 2,940 5,094 2,958 588 1,103 705 2,697 -326 526 662 2,095 -1,335 507 118 322 332 52 575 1,455 667 -666 315 25 359 -300 468 402 257 3 1,067 423 605 -1,468 309 -175 314 1,275 Financial derivatives -98 -216 -248 -30 -108 -34 -45 -73 -118 -24 -33 6 -33 -48 8 -21 -21 -23 -12 -9 -6 -32 -35 -36 -37 -44 -11 -5 -8 -10 -12 -10 5 4 -3 -1 1 Other investment 250 -2,764 -630 64 -351 106 -2,583 989 73 45 -1,737 2,030 -112 -74 43 -255 318 -1,894 492 -1,181 1,032 -71 28 -191 514 -250 -382 -56 482 -838 -256 -643 1,941 77 13 -48 -755 Assets -650 -2,340 -1,584 64 -637 -1,078 -690 -30 -343 -1,143 -69 670 39 302 -41 -940 -97 -521 316 -485 -6 235 -259 296 -356 -283 -435 -302 -405 -112 54 -10 304 48 318 -140 32 Other equity 10 0 -1 1 -1 2 -2 0 -1 0 0 1 0 0 0 1 0 0 0 -2 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 Currency and deposits -516 -2,205 -2,190 -325 -578 -1,020 -282 -626 -460 -1,290 186 142 131 182 -2 -736 -282 -705 412 10 -276 14 -365 311 -428 -343 -455 -154 -681 -222 64 343 189 -240 193 8 -19 Loans -408 -203 -115 10 -67 -36 -111 -49 6 -38 -35 -6 -38 2 -21 -15 0 -22 -27 -62 -24 -27 2 -22 26 2 -8 -17 -13 14 -17 -32 2 14 -22 8 28 Insurance, pension schemes, and standardised guarantee schemes -8 10 5 7 2 0 1 3 -1 3 0 0 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 Trade credit and advances -5 156 599 316 119 -72 -206 517 161 110 -189 447 4 118 -33 -205 166 145 2 -353 193 189 135 74 1 85 24 -174 261 118 11 -318 62 133 251 -49 -21 Other assets 277 -97 119 54 -112 49 -88 126 -49 73 -31 87 -59 -1 15 15 19 61 -72 -77 100 57 -32 -67 44 -26 3 42 27 -23 -4 -4 51 140 -104 -107 44 Liabilities -900 423 -954 0 -285 -1,184 1,893 -1,019 -416 -1,187 1,668 -1,361 152 375 -84 -685 -415 1,374 -176 696 -1,038 306 -286 487 -870 -33 -53 -246 -888 726 309 633 -1,636 -29 304 -92 787 Other equity 11 4 20 0 4 0 0 0 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20 0 0 0 0 0 0 0 0 0 0 0 0 Currency and deposits -400 1,175 438 548 -320 -406 1,353 -856 60 -410 1,644 -1,239 187 228 101 -333 -174 691 -12 673 -915 177 -118 576 -574 58 176 76 -662 695 231 718 -1,339 -123 222 -55 388 Loans -315 -818 -1,854 -495 -123 -533 334 -391 -507 -695 -262 -245 -101 73 -99 -310 -124 395 -117 56 -75 17 -333 -49 -313 -144 -167 -300 -227 -115 -127 -19 -165 -18 -61 49 76 Insurance, pension schemes, and standardised guarantee schemes 3 -8 5 11 12 -28 -3 19 -8 2 -8 0 4 4 -9 -9 -9 -1 -1 -1 6 6 6 -3 -3 -3 1 1 1 -3 -3 -3 0 0 0 0 0 Trade credit and advances -100 137 410 -78 153 -170 233 191 53 -57 223 112 76 78 -68 -141 39 156 80 -4 -50 110 131 -7 -14 74 -50 -95 89 151 135 -63 -184 69 227 -15 -4 Other liabilities -99 -67 26 15 -12 -46 -24 18 -34 -28 70 11 -15 -8 -8 108 -146 132 -127 -29 -5 -5 28 -30 13 -17 -12 73 -88 -3 74 -1 52 43 -84 -70 327 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets -113 -97 89 10 -40 -50 -17 43 33 25 -12 -12 2 -13 -18 -18 -15 0 -33 17 27 -45 61 -2 2 33 10 14 2 14 -36 11 -4 -34 26 -6 1 Net errors and omissions -462 -768 -999 -311 -244 -100 -113 -169 1 -334 -498 -88 246 -216 172 -243 -30 -1,554 1,783 -341 218 -120 -266 -53 66 -12 -87 -123 -124 -150 -72 -275 227 136 -452 -122 257 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 2,596 2,781 3,201 644 691 674 772 746 791 786 877 851 231 234 231 191 251 248 259 265 228 229 289 240 275 275 266 220 300 311 284 282 247 276 327 278 N/A Intermediate goods 13,355 13,731 15,335 3,371 3,544 3,360 3,456 3,826 3,864 3,746 3,898 4,079 1,171 1,196 1,113 1,005 1,242 1,204 1,223 1,029 1,213 1,195 1,418 1,199 1,345 1,320 1,261 1,118 1,367 1,389 1,403 1,106 1,314 1,305 1,461 1,333 N/A Consumer goods 7,989 8,459 9,730 2,057 2,178 2,058 2,166 2,260 2,431 2,444 2,594 2,621 699 787 723 535 800 709 735 721 665 700 895 742 783 906 811 706 928 907 876 811 824 807 990 871 N/A Import of investment goods 2,968 3,292 3,660 724 830 796 941 845 892 858 1,066 1,007 267 286 309 223 263 299 315 327 261 267 317 263 305 324 276 274 308 345 364 357 353 304 350 308 N/A Intermediate goods 13,803 13,792 16,185 3,330 3,542 3,361 3,559 3,959 4,021 3,943 4,262 4,304 1,206 1,200 1,130 1,000 1,231 1,165 1,280 1,113 1,272 1,237 1,451 1,220 1,399 1,403 1,327 1,231 1,385 1,439 1,525 1,298 1,379 1,378 1,547 1,390 N/A Consumer goods 6,534 7,028 7,761 1,695 1,756 1,734 1,843 1,897 1,968 1,919 1,977 2,064 575 586 547 551 636 619 650 574 559 613 724 617 706 646 634 599 687 683 701 593 640 671 753 689 N/A Sources: BS, SURS, Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund, Statistical Appendix32 Slovenian Economic Mirror, No. 5/2018 Monetary indicators and interest rates 2015 2016 2017 2016 2016 2017 2018 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Claims of the BoS on central government 2,327 4,618 6,247 2,539 2,759 2,987 3,144 3,378 3,631 3,861 4,012 4,219 4,390 4,432 4,618 4,621 4,770 4,823 4,937 5,041 5,173 5,297 5,485 5,600 5,781 6,041 6,247 6,290 6,273 6,471 6,524 6,600 Central government (S.1311) 7,112 6,273 5,170 7,212 6,957 7,022 6,739 6,853 6,813 6,861 6,850 6,872 6,769 6,391 6,273 6,350 6,246 6,029 5,856 5,784 5,699 5,524 5,489 5,491 5,136 5,114 5,170 5,154 5,099 4,927 4,859 4,904 Other government (S.1312,1313,1314) 622 576 571 630 614 601 602 594 591 589 587 571 564 561 576 591 587 588 588 581 573 572 563 559 556 550 571 576 571 563 568 565 Households (S.14, 15) 8,856 9,154 9,733 8,815 8,789 8,830 8,863 8,891 8,920 8,892 8,930 8,974 9,041 9,075 9,154 9,174 9,208 9,305 9,352 9,413 9,447 9,476 9,541 9,604 9,660 9,699 9,733 9,765 9,778 9,860 9,905 9,996 Non-financial corporations (S.11) 10,502 9,664 9,644 10,527 10,046 9,904 9,953 9,870 9,771 9,706 9,520 9,455 9,485 9,473 9,664 9,759 9,814 9,720 9,790 9,745 9,800 9,824 9,828 9,816 9,780 9,716 9,644 9,682 9,687 9,598 9,628 9,582 Non-monetary financial institutions (S.123, 124, 125) 1,432 1,411 1,566 1,422 1,328 1,397 1,326 1,332 1,298 1,298 1,283 1,310 1,352 1,376 1,408 1,382 1,397 1,222 1,222 1,248 1,254 1,247 1,241 1,545 1,558 1,548 1,566 1,627 1,621 1,528 1,547 1,616 Monetary financial institutions (S.121, 122) 3,206 3,541 3,886 3,574 4,030 3,318 3,727 3,572 3,240 3,578 3,625 3,610 3,642 4,100 3,541 3,555 3,573 4,212 3,910 3,860 3,550 3,635 3,625 3,440 3,705 3,824 3,886 3,682 3,798 3,884 3,955 3,800 Claims on domestic sectors, TOTAL In domestic currency 23,816 23,969 25,496 24,152 24,088 23,407 23,796 23,552 23,026 23,272 23,149 23,172 23,314 23,796 23,969 24,066 24,020 24,759 24,613 24,492 24,313 24,338 24,377 24,478 24,840 24,940 25,496 25,363 25,448 25,461 25,580 25,444 In foreign currency 824 672 528 794 802 778 758 751 759 743 717 714 711 714 672 683 670 656 642 630 624 597 596 571 567 554 528 545 535 529 498 518 Securities, total 7,059 5,889 4,450 7,178 6,795 6,812 6,580 6,735 6,777 6,836 6,848 6,823 6,743 6,379 5,885 5,968 6,038 5,562 5,366 5,412 5,291 5,254 5,224 5,308 4,887 4,858 4,450 4,487 4,474 4,266 4,266 4,399 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 25,885 26,497 28,021 26,315 26,067 25,869 25,689 25,697 25,364 25,725 25,643 25,612 25,811 25,976 26,497 26,421 26,508 27,165 27,190 27,177 27,037 27,148 27,289 27,403 27,541 27,770 28,021 28,115 28,191 28,201 28,253 28,453 Overnight 12,717 15,081 17,331 13,255 13,553 13,405 13,504 13,668 13,819 14,274 14,475 14,365 14,505 14,839 15,081 15,253 15,487 15,776 15,858 16,019 16,021 16,377 16,515 16,792 16,825 17,075 17,331 17,476 17,601 17,727 17,889 18,084 With agreed maturity – short-term 4,481 3,955 3,398 4,393 4,251 4,174 3,984 3,942 3,777 3,697 3,507 3,571 3,584 3,442 3,955 3,706 3,707 3,706 3,651 3,472 3,426 3,261 3,292 3,290 3,303 3,257 3,398 3,294 3,287 3,260 3,232 3,184 With agreed maturity – long-term 8,196 6,829 6,734 8,148 7,702 7,595 7,572 7,390 7,110 7,077 7,040 7,047 7,084 7,041 6,829 6,730 6,667 7,026 6,976 6,969 6,901 6,821 6,763 6,661 6,708 6,718 6,734 6,679 6,664 6,566 6,550 6,497 Short-term deposits redeemable at notice 491 632 558 519 561 695 629 697 658 677 621 629 638 654 632 732 647 657 705 717 689 689 719 660 705 720 558 666 639 648 582 688 Deposits in foreign currency, total 655 687 636 0 687 686 658 684 708 683 686 705 680 705 687 711 695 705 682 684 699 699 694 656 658 664 636 638 641 660 665 690 Overnight 508 564 547 529 544 550 529 553 561 540 550 565 549 567 564 586 567 582 561 557 582 582 573 551 542 549 547 542 540 552 573 585 With agreed maturity – short-term 80 65 45 79 78 75 69 70 86 82 75 81 72 78 65 69 72 69 68 74 67 69 74 58 69 69 45 53 58 66 49 61 With agreed maturity – long-term 67 58 44 66 65 61 60 61 61 61 61 59 59 60 58 56 56 54 53 53 50 48 47 47 47 46 44 43 43 42 43 44 Short-term deposits redeemable at notice 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.04 0.02 0.01 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Time deposits with maturity of up to one year 0.37 0.21 0.13 0.25 0.25 0.24 0.20 0.20 0.19 0.20 0.21 0.19 0.20 0.19 0.23 0.19 0.18 0.11 0.15 0.10 0.11 0.11 0.11 0.14 0.13 0.13 0.14 0.14 0.15 0.16 0.16 0.16 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 3.54 2.66 2.63 3.06 2.91 2.75 2.71 2.57 2.54 2.62 2.45 2.53 2.68 2.57 2.49 2.55 2.63 2.60 2.66 2.53 2.63 2.72 2.72 2.68 2.64 2.51 2.65 2.6 2.57 2.56 2.58 2.63 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 2.46 2.07 1.53 0.75 .. 1.85 2.58 3.84 2.16 .. .. .. 1.60 2.74 1.06 1.31 1.06 3.28 2.99 1.60 1.17 0.75 .. 1.15 1.56 0.8 1.15 1.06 1.78 2.02 2.53 1.68 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.05 0.01 0.00 0.05 0.05 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.019 -0.264 -0.329 -0.146 -0.184 -0.229 -0.249 -0.257 -0.268 -0.295 -0.298 -0.302 -0.309 -0.313 -0.316 -0.326 -0.329 -0.329 -0.330 -0.330 -0.330 -0.330 -0.329 -0.329 -0.330 -0.329 -0.328 -0.329 -0.329 -0.328 -0.329 -0.325 6-month rates 0.054 -0.164 -0.260 -0.061 -0.115 -0.134 -0.138 -0.145 -0.162 -0.188 -0.189 -0.199 -0.207 -0.215 -0.218 -0.236 -0.241 -0.241 -0.246 -0.251 -0.267 -0.273 -0.272 -0.273 -0.274 -0.274 -0.271 -0.274 -0.275 -0.271 -0.270 -0.270 LIBOR 3-month rates -0.755 -0.747 -0.732 -0.752 -0.775 -0.760 -0.727 -0.734 -0.763 -0.766 -0.743 -0.741 -0.730 -0.738 -0.738 -0.728 -0.726 -0.727 -0.731 -0.729 -0.730 -0.728 -0.726 -0.726 -0.726 -0.745 -0.755 -0.740 -0.745 -0.740 -0.733 -0.726 6-month rates -0.688 -0.671 -0.658 -0.685 -0.723 -0.698 -0.653 -0.646 -0.676 -0.688 -0.658 -0.647 -0.647 -0.663 -0.669 -0.662 -0.666 -0.667 -0.669 -0.661 -0.663 -0.651 -0.651 -0.650 -0.649 -0.653 -0.653 -0.644 -0.662 -0.657 -0.650 -0.647 Sources: BoS, EUROSTAT. Statistical Appendix 33Slovenian Economic Mirror, No. 5/2018 Monetary indicators and interest rates 2015 2016 2017 2016 2016 2017 2018 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Claims of the BoS on central government 2,327 4,618 6,247 2,539 2,759 2,987 3,144 3,378 3,631 3,861 4,012 4,219 4,390 4,432 4,618 4,621 4,770 4,823 4,937 5,041 5,173 5,297 5,485 5,600 5,781 6,041 6,247 6,290 6,273 6,471 6,524 6,600 Central government (S.1311) 7,112 6,273 5,170 7,212 6,957 7,022 6,739 6,853 6,813 6,861 6,850 6,872 6,769 6,391 6,273 6,350 6,246 6,029 5,856 5,784 5,699 5,524 5,489 5,491 5,136 5,114 5,170 5,154 5,099 4,927 4,859 4,904 Other government (S.1312,1313,1314) 622 576 571 630 614 601 602 594 591 589 587 571 564 561 576 591 587 588 588 581 573 572 563 559 556 550 571 576 571 563 568 565 Households (S.14, 15) 8,856 9,154 9,733 8,815 8,789 8,830 8,863 8,891 8,920 8,892 8,930 8,974 9,041 9,075 9,154 9,174 9,208 9,305 9,352 9,413 9,447 9,476 9,541 9,604 9,660 9,699 9,733 9,765 9,778 9,860 9,905 9,996 Non-financial corporations (S.11) 10,502 9,664 9,644 10,527 10,046 9,904 9,953 9,870 9,771 9,706 9,520 9,455 9,485 9,473 9,664 9,759 9,814 9,720 9,790 9,745 9,800 9,824 9,828 9,816 9,780 9,716 9,644 9,682 9,687 9,598 9,628 9,582 Non-monetary financial institutions (S.123, 124, 125) 1,432 1,411 1,566 1,422 1,328 1,397 1,326 1,332 1,298 1,298 1,283 1,310 1,352 1,376 1,408 1,382 1,397 1,222 1,222 1,248 1,254 1,247 1,241 1,545 1,558 1,548 1,566 1,627 1,621 1,528 1,547 1,616 Monetary financial institutions (S.121, 122) 3,206 3,541 3,886 3,574 4,030 3,318 3,727 3,572 3,240 3,578 3,625 3,610 3,642 4,100 3,541 3,555 3,573 4,212 3,910 3,860 3,550 3,635 3,625 3,440 3,705 3,824 3,886 3,682 3,798 3,884 3,955 3,800 Claims on domestic sectors, TOTAL In domestic currency 23,816 23,969 25,496 24,152 24,088 23,407 23,796 23,552 23,026 23,272 23,149 23,172 23,314 23,796 23,969 24,066 24,020 24,759 24,613 24,492 24,313 24,338 24,377 24,478 24,840 24,940 25,496 25,363 25,448 25,461 25,580 25,444 In foreign currency 824 672 528 794 802 778 758 751 759 743 717 714 711 714 672 683 670 656 642 630 624 597 596 571 567 554 528 545 535 529 498 518 Securities, total 7,059 5,889 4,450 7,178 6,795 6,812 6,580 6,735 6,777 6,836 6,848 6,823 6,743 6,379 5,885 5,968 6,038 5,562 5,366 5,412 5,291 5,254 5,224 5,308 4,887 4,858 4,450 4,487 4,474 4,266 4,266 4,399 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 25,885 26,497 28,021 26,315 26,067 25,869 25,689 25,697 25,364 25,725 25,643 25,612 25,811 25,976 26,497 26,421 26,508 27,165 27,190 27,177 27,037 27,148 27,289 27,403 27,541 27,770 28,021 28,115 28,191 28,201 28,253 28,453 Overnight 12,717 15,081 17,331 13,255 13,553 13,405 13,504 13,668 13,819 14,274 14,475 14,365 14,505 14,839 15,081 15,253 15,487 15,776 15,858 16,019 16,021 16,377 16,515 16,792 16,825 17,075 17,331 17,476 17,601 17,727 17,889 18,084 With agreed maturity – short-term 4,481 3,955 3,398 4,393 4,251 4,174 3,984 3,942 3,777 3,697 3,507 3,571 3,584 3,442 3,955 3,706 3,707 3,706 3,651 3,472 3,426 3,261 3,292 3,290 3,303 3,257 3,398 3,294 3,287 3,260 3,232 3,184 With agreed maturity – long-term 8,196 6,829 6,734 8,148 7,702 7,595 7,572 7,390 7,110 7,077 7,040 7,047 7,084 7,041 6,829 6,730 6,667 7,026 6,976 6,969 6,901 6,821 6,763 6,661 6,708 6,718 6,734 6,679 6,664 6,566 6,550 6,497 Short-term deposits redeemable at notice 491 632 558 519 561 695 629 697 658 677 621 629 638 654 632 732 647 657 705 717 689 689 719 660 705 720 558 666 639 648 582 688 Deposits in foreign currency, total 655 687 636 0 687 686 658 684 708 683 686 705 680 705 687 711 695 705 682 684 699 699 694 656 658 664 636 638 641 660 665 690 Overnight 508 564 547 529 544 550 529 553 561 540 550 565 549 567 564 586 567 582 561 557 582 582 573 551 542 549 547 542 540 552 573 585 With agreed maturity – short-term 80 65 45 79 78 75 69 70 86 82 75 81 72 78 65 69 72 69 68 74 67 69 74 58 69 69 45 53 58 66 49 61 With agreed maturity – long-term 67 58 44 66 65 61 60 61 61 61 61 59 59 60 58 56 56 54 53 53 50 48 47 47 47 46 44 43 43 42 43 44 Short-term deposits redeemable at notice 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.04 0.02 0.01 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Time deposits with maturity of up to one year 0.37 0.21 0.13 0.25 0.25 0.24 0.20 0.20 0.19 0.20 0.21 0.19 0.20 0.19 0.23 0.19 0.18 0.11 0.15 0.10 0.11 0.11 0.11 0.14 0.13 0.13 0.14 0.14 0.15 0.16 0.16 0.16 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 3.54 2.66 2.63 3.06 2.91 2.75 2.71 2.57 2.54 2.62 2.45 2.53 2.68 2.57 2.49 2.55 2.63 2.60 2.66 2.53 2.63 2.72 2.72 2.68 2.64 2.51 2.65 2.6 2.57 2.56 2.58 2.63 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 2.46 2.07 1.53 0.75 .. 1.85 2.58 3.84 2.16 .. .. .. 1.60 2.74 1.06 1.31 1.06 3.28 2.99 1.60 1.17 0.75 .. 1.15 1.56 0.8 1.15 1.06 1.78 2.02 2.53 1.68 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.05 0.01 0.00 0.05 0.05 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.019 -0.264 -0.329 -0.146 -0.184 -0.229 -0.249 -0.257 -0.268 -0.295 -0.298 -0.302 -0.309 -0.313 -0.316 -0.326 -0.329 -0.329 -0.330 -0.330 -0.330 -0.330 -0.329 -0.329 -0.330 -0.329 -0.328 -0.329 -0.329 -0.328 -0.329 -0.325 6-month rates 0.054 -0.164 -0.260 -0.061 -0.115 -0.134 -0.138 -0.145 -0.162 -0.188 -0.189 -0.199 -0.207 -0.215 -0.218 -0.236 -0.241 -0.241 -0.246 -0.251 -0.267 -0.273 -0.272 -0.273 -0.274 -0.274 -0.271 -0.274 -0.275 -0.271 -0.270 -0.270 LIBOR 3-month rates -0.755 -0.747 -0.732 -0.752 -0.775 -0.760 -0.727 -0.734 -0.763 -0.766 -0.743 -0.741 -0.730 -0.738 -0.738 -0.728 -0.726 -0.727 -0.731 -0.729 -0.730 -0.728 -0.726 -0.726 -0.726 -0.745 -0.755 -0.740 -0.745 -0.740 -0.733 -0.726 6-month rates -0.688 -0.671 -0.658 -0.685 -0.723 -0.698 -0.653 -0.646 -0.676 -0.688 -0.658 -0.647 -0.647 -0.663 -0.669 -0.662 -0.666 -0.667 -0.669 -0.661 -0.663 -0.651 -0.651 -0.650 -0.649 -0.653 -0.653 -0.644 -0.662 -0.657 -0.650 -0.647 Sources: BoS, EUROSTAT. Statistical Appendix34 Slovenian Economic Mirror, No. 5/2018 Public finance 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 15,714.1 15,842.2 16,803.3 3,685.8 4,108.9 3,884.6 4,162.9 3,958.5 4,445.0 4,026.9 4,372.9 4,169.5 1,364.5 1,161.5 1,390.7 1,332.4 1,354.5 1,306.7 1,501.7 1,444.8 1,190.4 1,323.3 1,532.6 1,451.8 1,460.6 1,284.0 1,345.2 1,397.7 1,443.3 1,404.1 1,525.5 1,465.0 1,322.8 1,381.7 1,717.1 1,417.1 Current revenues 14,702.6 15,203.9 16,251.4 3,511.7 3,948.8 3,802.7 3,940.7 3,799.1 4,312.2 3,927.5 4,212.6 3,993.7 1,351.3 1,152.7 1,382.1 1,267.9 1,312.4 1,287.7 1,340.6 1,428.7 1,148.4 1,221.9 1,460.7 1,427.7 1,423.8 1,269.7 1,336.2 1,321.6 1,426.3 1,356.0 1,430.3 1,430.6 1,302.1 1,261.0 1,582.5 1,390.2 Tax revenues 13,746.4 14,240.5 15,162.0 3,344.3 3,659.7 3,516.4 3,720.1 3,581.5 3,910.7 3,678.7 3,991.2 3,782.0 1,197.8 1,096.1 1,233.4 1,186.9 1,246.3 1,213.6 1,260.2 1,330.4 1,093.1 1,158.0 1,344.2 1,230.6 1,335.9 1,181.9 1,257.2 1,239.6 1,351.5 1,287.2 1,352.5 1,376.0 1,245.0 1,161.1 1,515.1 1,275.0 Taxes on income and profit 2,584.6 2,680.8 2,967.0 634.2 811.4 542.4 692.8 669.3 944.3 582.5 770.8 785.5 303.4 63.8 270.6 208.1 210.2 222.5 260.1 217.0 228.4 223.8 330.5 273.5 340.3 102.0 253.1 227.4 251.4 244.9 274.5 263.2 252.9 269.4 347.6 284.7 Social security contributions 5,473.9 5,720.6 6,092.1 1,395.1 1,423.5 1,424.2 1,477.8 1,472.6 1,510.8 1,510.5 1,598.2 1,592.8 471.4 482.7 461.3 480.3 464.8 475.0 538.0 496.7 484.3 491.7 508.2 499.0 503.6 497.1 501.7 511.6 509.4 514.6 574.1 542.8 507.7 542.3 543.5 537.1 Taxes on payroll and workforce 19.7 19.8 21.3 4.8 5.1 4.8 5.2 5.0 5.4 4.9 6.1 5.0 1.8 1.7 1.6 1.5 1.4 1.9 2.0 1.9 1.6 1.6 1.9 1.7 1.8 1.9 1.5 1.5 1.9 1.9 2.2 1.8 1.5 1.7 1.9 1.8 Taxes on property 237.8 256.2 274.2 27.2 46.3 104.5 78.2 27.4 70.9 100.1 75.9 28.1 28.1 29.7 35.1 39.7 27.4 34.1 16.7 11.0 7.5 8.8 15.1 23.8 31.9 25.2 44.1 30.8 38.2 22.3 15.4 12.2 7.6 8.3 18.2 16.8 Domestic taxes on goods and services 5,347.1 5,432.9 5,722.8 1,233.7 1,365.4 1,430.5 1,403.4 1,326.7 1,411.3 1,463.5 1,521.3 1,336.8 393.0 507.2 472.8 450.4 482.9 471.7 448.8 534.2 415.0 377.6 512.6 440.6 458.2 523.5 477.7 462.3 531.3 516.1 473.9 516.9 457.1 362.8 590.1 418.9 Taxes on international trade & transactions 82.5 81.9 83.3 22.3 19.8 20.8 19.0 21.4 20.4 21.7 19.9 22.6 6.4 5.5 7.8 7.5 6.7 6.1 6.3 6.1 7.2 8.1 6.4 6.2 7.7 7.0 7.1 7.6 7.5 6.3 6.1 6.7 9.6 6.4 8.3 5.5 Other taxes 0.6 48.2 1.3 27.0 -11.7 -10.8 43.6 59.1 -52.4 -4.4 -1.0 11.2 -6.3 5.5 -15.9 -0.5 53.1 2.3 -11.7 63.5 -50.8 46.4 -30.6 -14.2 -7.6 25.3 -28.0 -1.8 11.8 -18.9 6.2 32.3 8.6 -29.7 5.5 10.1 Non-tax revenues 956.2 963.4 1,089.4 167.5 289.0 286.3 220.6 217.6 401.5 248.8 221.4 211.7 153.4 56.6 148.7 80.9 66.1 74.2 80.4 98.3 55.3 63.9 116.5 197.1 87.8 87.8 79.0 82.0 74.8 68.8 77.8 54.6 57.2 99.9 67.4 115.2 Capital revenues 96.3 96.2 91.2 14.7 17.5 21.2 42.8 16.5 24.3 17.4 33.0 28.6 6.3 7.2 5.6 8.4 5.6 9.8 27.4 5.4 4.4 6.7 6.2 7.3 10.8 5.6 5.8 6.0 7.8 11.0 14.1 7.7 11.1 9.7 10.3 9.1 Grants 12.2 10.4 9.5 1.3 1.8 5.7 1.6 0.7 1.3 6.0 1.5 0.2 0.2 0.3 1.3 4.1 0.4 0.7 0.5 0.2 0.2 0.3 0.5 0.4 0.4 0.3 1.2 4.6 0.6 0.5 0.3 -0.7 0.2 0.7 0.5 0.2 Transferred revenues 20.6 51.1 52.3 0.7 0.0 50.0 0.3 0.1 1.1 50.0 1.1 0.4 0.0 0.0 0.0 50.0 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.4 0.7 0.0 0.0 50.0 0.9 0.0 0.2 0.1 0.1 0.2 0.0 0.4 Receipts from the EU budget 882.4 480.5 399.0 157.3 140.8 5.0 177.4 142.2 106.1 25.9 124.8 146.6 6.6 1.2 1.7 2.0 36.1 8.2 133.1 10.5 37.4 94.3 65.2 16.1 24.9 8.4 2.0 15.5 7.7 36.6 80.6 27.4 9.2 110.0 123.8 17.2 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 16,956.4 16,496.7 17,102.0 4,223.2 3,882.0 3,985.6 4,405.9 4,333.3 3,931.9 4,115.7 4,721.1 4,336.9 1,315.4 1,374.4 1,313.4 1,297.8 1,367.6 1,391.0 1,647.3 1,451.7 1,310.4 1,571.3 1,242.0 1,328.3 1,361.5 1,463.9 1,328.2 1,323.6 1,359.6 1,588.2 1,773.3 1,412.3 1,418.1 1,506.5 1,448.9 1,379.5 Current expenditures 7,168.4 7,407.1 7,733.0 1,977.9 1,774.3 1,733.2 1,921.7 2,064.5 1,782.9 1,782.3 2,103.4 2,027.5 607.1 548.2 597.9 587.2 631.4 617.1 673.1 648.7 594.7 821.1 562.5 589.6 630.8 581.6 602.7 598.0 586.0 772.6 744.8 651.6 613.7 762.2 678.3 587.1 Wages, salaries and other personnel expenditures 3,610.2 3,785.4 3,938.1 925.4 970.7 928.6 960.8 955.4 1,017.6 956.5 1,008.5 978.7 365.7 309.5 313.6 305.5 315.6 321.6 323.6 315.6 315.2 324.5 311.1 317.3 389.2 322.1 320.7 313.8 332.1 327.6 348.9 320.3 328.7 329.7 325.7 335.4 Expenditures on goods and services 2,311.2 2,371.4 2,626.6 535.5 552.6 569.3 714.0 563.5 590.9 586.2 886.0 553.6 187.2 183.3 205.0 181.0 179.7 210.2 324.1 178.4 173.0 212.2 170.2 197.3 223.4 203.4 205.8 176.9 209.3 350.4 326.3 176.8 179.2 197.6 219.8 217.6 Interest payments 1,042.6 1,074.2 985.3 489.5 181.5 206.1 197.1 518.4 144.2 206.5 116.2 462.5 5.7 45.0 69.7 91.4 122.9 69.7 4.5 149.4 96.0 273.0 71.4 66.9 5.8 44.9 66.4 95.3 33.5 77.7 4.9 147.5 94.0 221.0 118.7 21.6 Reserves 204.4 176.1 183.0 27.5 69.6 29.2 49.8 27.1 30.2 33.0 92.7 32.7 48.5 10.4 9.6 9.2 13.2 15.7 20.9 5.3 10.5 11.4 9.8 8.1 12.4 11.2 9.8 12.0 11.1 16.9 64.6 7.0 11.8 13.9 14.1 12.6 Current transfers 7,540.1 7,700.0 7,912.9 1,974.0 1,896.0 1,918.5 1,911.5 2,039.2 1,882.0 2,001.8 1,989.8 2,034.5 632.2 717.3 602.0 599.1 603.0 632.3 676.2 724.5 635.7 679.0 599.8 642.1 640.1 772.2 616.0 613.6 623.5 661.0 705.3 683.3 706.8 644.4 679.9 681.5 Subsidies 399.0 397.0 425.4 186.4 78.4 42.9 89.2 170.4 67.1 79.8 108.2 160.0 19.8 10.3 11.2 21.5 18.5 27.8 42.8 91.1 62.3 17.0 20.5 24.4 22.2 43.3 16.3 20.2 20.6 45.1 42.4 73.5 76.7 9.9 39.3 37.4 Current transfers to individuals and households 6,370.8 6,495.5 6,665.1 1,604.7 1,619.1 1,678.9 1,592.8 1,644.1 1,652.2 1,718.8 1,650.0 1,678.4 542.1 635.0 528.0 515.9 523.7 528.2 540.9 541.5 542.5 560.1 546.8 552.8 552.6 659.8 528.9 530.2 538.0 540.2 571.8 551.7 561.9 564.7 573.6 573.7 Current transfers to non- profit institutions, other current domestic transfers 713.8 727.8 748.0 167.5 179.3 186.8 194.2 210.3 146.7 184.6 206.5 174.8 67.4 66.4 62.0 58.4 55.8 62.5 75.9 86.5 27.9 95.8 23.8 62.8 60.2 62.2 63.3 59.0 63.9 61.6 80.9 51.6 62.5 60.8 59.3 65.7 Current transfers abroad 56.5 79.7 74.3 15.4 19.2 9.8 35.3 14.4 16.0 18.7 25.2 21.3 2.9 5.6 0.8 3.4 5.0 13.7 16.6 5.5 3.0 6.0 8.8 2.1 5.1 6.9 7.5 4.2 0.9 14.1 10.2 6.5 5.7 9.0 7.6 4.7 Capital expenditures 1,520.0 784.3 891.0 98.6 115.5 213.6 356.6 109.0 145.4 208.1 428.5 111.2 45.0 70.4 75.7 67.5 68.5 86.2 201.9 35.7 37.1 36.1 39.4 52.5 53.4 67.8 77.9 62.4 87.2 103.8 237.5 30.4 34.2 46.6 47.6 63.9 Capital transfers 295.0 177.8 186.6 32.9 26.9 23.7 94.4 22.7 23.1 37.0 103.8 29.9 11.6 7.5 6.6 9.6 30.2 20.9 43.2 10.0 5.6 7.1 7.2 10.8 5.1 8.9 9.9 18.3 30.6 19.1 54.1 8.4 7.0 14.6 10.2 19.4 Payments to the EU budget 432.9 427.4 378.5 139.9 69.3 96.6 121.7 98.0 98.4 86.5 95.6 133.8 19.5 30.9 31.3 34.3 34.4 34.4 52.9 32.8 37.2 28.0 33.0 33.4 32.1 33.5 21.7 31.3 32.2 31.8 31.6 38.6 56.4 38.7 32.9 27.5 SURPLUS / DEFICIT -1,242.3 -654.5 -298.7 -537.4 226.9 -101.0 -243.0 -374.8 513.1 -88.8 -348.2 -167.4 49.1 -213.0 77.3 34.7 -13.1 -84.3 -145.6 -6.9 -119.9 -248.0 290.6 123.5 99.1 -179.9 17.0 74.1 83.7 -184.1 -247.8 52.7 -95.3 -124.9 268.2 37.6 Source: Bulletin of Government Finance. Note: In line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the general government are not consolidated. Statistical Appendix 35Slovenian Economic Mirror, No. 5/2018 Public finance 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 15,714.1 15,842.2 16,803.3 3,685.8 4,108.9 3,884.6 4,162.9 3,958.5 4,445.0 4,026.9 4,372.9 4,169.5 1,364.5 1,161.5 1,390.7 1,332.4 1,354.5 1,306.7 1,501.7 1,444.8 1,190.4 1,323.3 1,532.6 1,451.8 1,460.6 1,284.0 1,345.2 1,397.7 1,443.3 1,404.1 1,525.5 1,465.0 1,322.8 1,381.7 1,717.1 1,417.1 Current revenues 14,702.6 15,203.9 16,251.4 3,511.7 3,948.8 3,802.7 3,940.7 3,799.1 4,312.2 3,927.5 4,212.6 3,993.7 1,351.3 1,152.7 1,382.1 1,267.9 1,312.4 1,287.7 1,340.6 1,428.7 1,148.4 1,221.9 1,460.7 1,427.7 1,423.8 1,269.7 1,336.2 1,321.6 1,426.3 1,356.0 1,430.3 1,430.6 1,302.1 1,261.0 1,582.5 1,390.2 Tax revenues 13,746.4 14,240.5 15,162.0 3,344.3 3,659.7 3,516.4 3,720.1 3,581.5 3,910.7 3,678.7 3,991.2 3,782.0 1,197.8 1,096.1 1,233.4 1,186.9 1,246.3 1,213.6 1,260.2 1,330.4 1,093.1 1,158.0 1,344.2 1,230.6 1,335.9 1,181.9 1,257.2 1,239.6 1,351.5 1,287.2 1,352.5 1,376.0 1,245.0 1,161.1 1,515.1 1,275.0 Taxes on income and profit 2,584.6 2,680.8 2,967.0 634.2 811.4 542.4 692.8 669.3 944.3 582.5 770.8 785.5 303.4 63.8 270.6 208.1 210.2 222.5 260.1 217.0 228.4 223.8 330.5 273.5 340.3 102.0 253.1 227.4 251.4 244.9 274.5 263.2 252.9 269.4 347.6 284.7 Social security contributions 5,473.9 5,720.6 6,092.1 1,395.1 1,423.5 1,424.2 1,477.8 1,472.6 1,510.8 1,510.5 1,598.2 1,592.8 471.4 482.7 461.3 480.3 464.8 475.0 538.0 496.7 484.3 491.7 508.2 499.0 503.6 497.1 501.7 511.6 509.4 514.6 574.1 542.8 507.7 542.3 543.5 537.1 Taxes on payroll and workforce 19.7 19.8 21.3 4.8 5.1 4.8 5.2 5.0 5.4 4.9 6.1 5.0 1.8 1.7 1.6 1.5 1.4 1.9 2.0 1.9 1.6 1.6 1.9 1.7 1.8 1.9 1.5 1.5 1.9 1.9 2.2 1.8 1.5 1.7 1.9 1.8 Taxes on property 237.8 256.2 274.2 27.2 46.3 104.5 78.2 27.4 70.9 100.1 75.9 28.1 28.1 29.7 35.1 39.7 27.4 34.1 16.7 11.0 7.5 8.8 15.1 23.8 31.9 25.2 44.1 30.8 38.2 22.3 15.4 12.2 7.6 8.3 18.2 16.8 Domestic taxes on goods and services 5,347.1 5,432.9 5,722.8 1,233.7 1,365.4 1,430.5 1,403.4 1,326.7 1,411.3 1,463.5 1,521.3 1,336.8 393.0 507.2 472.8 450.4 482.9 471.7 448.8 534.2 415.0 377.6 512.6 440.6 458.2 523.5 477.7 462.3 531.3 516.1 473.9 516.9 457.1 362.8 590.1 418.9 Taxes on international trade & transactions 82.5 81.9 83.3 22.3 19.8 20.8 19.0 21.4 20.4 21.7 19.9 22.6 6.4 5.5 7.8 7.5 6.7 6.1 6.3 6.1 7.2 8.1 6.4 6.2 7.7 7.0 7.1 7.6 7.5 6.3 6.1 6.7 9.6 6.4 8.3 5.5 Other taxes 0.6 48.2 1.3 27.0 -11.7 -10.8 43.6 59.1 -52.4 -4.4 -1.0 11.2 -6.3 5.5 -15.9 -0.5 53.1 2.3 -11.7 63.5 -50.8 46.4 -30.6 -14.2 -7.6 25.3 -28.0 -1.8 11.8 -18.9 6.2 32.3 8.6 -29.7 5.5 10.1 Non-tax revenues 956.2 963.4 1,089.4 167.5 289.0 286.3 220.6 217.6 401.5 248.8 221.4 211.7 153.4 56.6 148.7 80.9 66.1 74.2 80.4 98.3 55.3 63.9 116.5 197.1 87.8 87.8 79.0 82.0 74.8 68.8 77.8 54.6 57.2 99.9 67.4 115.2 Capital revenues 96.3 96.2 91.2 14.7 17.5 21.2 42.8 16.5 24.3 17.4 33.0 28.6 6.3 7.2 5.6 8.4 5.6 9.8 27.4 5.4 4.4 6.7 6.2 7.3 10.8 5.6 5.8 6.0 7.8 11.0 14.1 7.7 11.1 9.7 10.3 9.1 Grants 12.2 10.4 9.5 1.3 1.8 5.7 1.6 0.7 1.3 6.0 1.5 0.2 0.2 0.3 1.3 4.1 0.4 0.7 0.5 0.2 0.2 0.3 0.5 0.4 0.4 0.3 1.2 4.6 0.6 0.5 0.3 -0.7 0.2 0.7 0.5 0.2 Transferred revenues 20.6 51.1 52.3 0.7 0.0 50.0 0.3 0.1 1.1 50.0 1.1 0.4 0.0 0.0 0.0 50.0 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.4 0.7 0.0 0.0 50.0 0.9 0.0 0.2 0.1 0.1 0.2 0.0 0.4 Receipts from the EU budget 882.4 480.5 399.0 157.3 140.8 5.0 177.4 142.2 106.1 25.9 124.8 146.6 6.6 1.2 1.7 2.0 36.1 8.2 133.1 10.5 37.4 94.3 65.2 16.1 24.9 8.4 2.0 15.5 7.7 36.6 80.6 27.4 9.2 110.0 123.8 17.2 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 16,956.4 16,496.7 17,102.0 4,223.2 3,882.0 3,985.6 4,405.9 4,333.3 3,931.9 4,115.7 4,721.1 4,336.9 1,315.4 1,374.4 1,313.4 1,297.8 1,367.6 1,391.0 1,647.3 1,451.7 1,310.4 1,571.3 1,242.0 1,328.3 1,361.5 1,463.9 1,328.2 1,323.6 1,359.6 1,588.2 1,773.3 1,412.3 1,418.1 1,506.5 1,448.9 1,379.5 Current expenditures 7,168.4 7,407.1 7,733.0 1,977.9 1,774.3 1,733.2 1,921.7 2,064.5 1,782.9 1,782.3 2,103.4 2,027.5 607.1 548.2 597.9 587.2 631.4 617.1 673.1 648.7 594.7 821.1 562.5 589.6 630.8 581.6 602.7 598.0 586.0 772.6 744.8 651.6 613.7 762.2 678.3 587.1 Wages, salaries and other personnel expenditures 3,610.2 3,785.4 3,938.1 925.4 970.7 928.6 960.8 955.4 1,017.6 956.5 1,008.5 978.7 365.7 309.5 313.6 305.5 315.6 321.6 323.6 315.6 315.2 324.5 311.1 317.3 389.2 322.1 320.7 313.8 332.1 327.6 348.9 320.3 328.7 329.7 325.7 335.4 Expenditures on goods and services 2,311.2 2,371.4 2,626.6 535.5 552.6 569.3 714.0 563.5 590.9 586.2 886.0 553.6 187.2 183.3 205.0 181.0 179.7 210.2 324.1 178.4 173.0 212.2 170.2 197.3 223.4 203.4 205.8 176.9 209.3 350.4 326.3 176.8 179.2 197.6 219.8 217.6 Interest payments 1,042.6 1,074.2 985.3 489.5 181.5 206.1 197.1 518.4 144.2 206.5 116.2 462.5 5.7 45.0 69.7 91.4 122.9 69.7 4.5 149.4 96.0 273.0 71.4 66.9 5.8 44.9 66.4 95.3 33.5 77.7 4.9 147.5 94.0 221.0 118.7 21.6 Reserves 204.4 176.1 183.0 27.5 69.6 29.2 49.8 27.1 30.2 33.0 92.7 32.7 48.5 10.4 9.6 9.2 13.2 15.7 20.9 5.3 10.5 11.4 9.8 8.1 12.4 11.2 9.8 12.0 11.1 16.9 64.6 7.0 11.8 13.9 14.1 12.6 Current transfers 7,540.1 7,700.0 7,912.9 1,974.0 1,896.0 1,918.5 1,911.5 2,039.2 1,882.0 2,001.8 1,989.8 2,034.5 632.2 717.3 602.0 599.1 603.0 632.3 676.2 724.5 635.7 679.0 599.8 642.1 640.1 772.2 616.0 613.6 623.5 661.0 705.3 683.3 706.8 644.4 679.9 681.5 Subsidies 399.0 397.0 425.4 186.4 78.4 42.9 89.2 170.4 67.1 79.8 108.2 160.0 19.8 10.3 11.2 21.5 18.5 27.8 42.8 91.1 62.3 17.0 20.5 24.4 22.2 43.3 16.3 20.2 20.6 45.1 42.4 73.5 76.7 9.9 39.3 37.4 Current transfers to individuals and households 6,370.8 6,495.5 6,665.1 1,604.7 1,619.1 1,678.9 1,592.8 1,644.1 1,652.2 1,718.8 1,650.0 1,678.4 542.1 635.0 528.0 515.9 523.7 528.2 540.9 541.5 542.5 560.1 546.8 552.8 552.6 659.8 528.9 530.2 538.0 540.2 571.8 551.7 561.9 564.7 573.6 573.7 Current transfers to non- profit institutions, other current domestic transfers 713.8 727.8 748.0 167.5 179.3 186.8 194.2 210.3 146.7 184.6 206.5 174.8 67.4 66.4 62.0 58.4 55.8 62.5 75.9 86.5 27.9 95.8 23.8 62.8 60.2 62.2 63.3 59.0 63.9 61.6 80.9 51.6 62.5 60.8 59.3 65.7 Current transfers abroad 56.5 79.7 74.3 15.4 19.2 9.8 35.3 14.4 16.0 18.7 25.2 21.3 2.9 5.6 0.8 3.4 5.0 13.7 16.6 5.5 3.0 6.0 8.8 2.1 5.1 6.9 7.5 4.2 0.9 14.1 10.2 6.5 5.7 9.0 7.6 4.7 Capital expenditures 1,520.0 784.3 891.0 98.6 115.5 213.6 356.6 109.0 145.4 208.1 428.5 111.2 45.0 70.4 75.7 67.5 68.5 86.2 201.9 35.7 37.1 36.1 39.4 52.5 53.4 67.8 77.9 62.4 87.2 103.8 237.5 30.4 34.2 46.6 47.6 63.9 Capital transfers 295.0 177.8 186.6 32.9 26.9 23.7 94.4 22.7 23.1 37.0 103.8 29.9 11.6 7.5 6.6 9.6 30.2 20.9 43.2 10.0 5.6 7.1 7.2 10.8 5.1 8.9 9.9 18.3 30.6 19.1 54.1 8.4 7.0 14.6 10.2 19.4 Payments to the EU budget 432.9 427.4 378.5 139.9 69.3 96.6 121.7 98.0 98.4 86.5 95.6 133.8 19.5 30.9 31.3 34.3 34.4 34.4 52.9 32.8 37.2 28.0 33.0 33.4 32.1 33.5 21.7 31.3 32.2 31.8 31.6 38.6 56.4 38.7 32.9 27.5 SURPLUS / DEFICIT -1,242.3 -654.5 -298.7 -537.4 226.9 -101.0 -243.0 -374.8 513.1 -88.8 -348.2 -167.4 49.1 -213.0 77.3 34.7 -13.1 -84.3 -145.6 -6.9 -119.9 -248.0 290.6 123.5 99.1 -179.9 17.0 74.1 83.7 -184.1 -247.8 52.7 -95.3 -124.9 268.2 37.6 Source: Bulletin of Government Finance. Note: In line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the general government are not consolidated. Acronyms36 Slovenian Economic Mirror, No. 5/2018 Acronyms Acronyms in the text AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, APP – Asset Purchase Programme, BoS – Bank of Slovenia, CPI – consumer price index, EBA - European Banking Authority, EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization, ECB– European Central Bank, EIA– Energy Information Administration, EK – European Commission, ESI – Economic Sentiment Indicator, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EUROSTAT – Statistical Office of the European Union, FED – Federal Reserve System, GD – Companies, HICP- Harmonised Index of Consumer Prices, IC – Interest Coverage, ICT – Information and Communication Technology, IEA – International Energy Agency, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, IMD – International Institute for Management Development, KIS – Agricultural institute of Slovenia, MF – Ministry of Finance, MGRT – Ministry of Economic Developement and Technology, MSP – micro, small and medium-sized enterprises, MZI – Ministry of Infrastructure, NFI – Non-monetary Financial Institutions, OPEC -Organization of Petroleum Exporting Countries, PDII – Pension and Disability Insurance Institute, PMI – Purchasing Managers Index, PPI – Producer Price Index, RS – Republic of Slovenia, SITC – Standard International Trade Classification, SKD – Standard Classification of Activities, SMA – Securities Market Agency, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, TSA – Treasury Single Account, UL – Official Gazette , ULC – Unit Labour Costs, USD – US Dollar, VAT – value added. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19– Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 - Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AU-Australia, AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CA-Canada, CH-Switzerland, CL-Chile, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR- France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IS-Iceland, IT-Italy, JP-Japan, KR-South Korea, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, MX-Mexico, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS- Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US- United States of America. No. 5, Vol. XXIV, 2018 slovenian economic mirror